Roundup: Tokyo stocks close higher on hopes for stimulus under Biden

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TOKYO, Jan. 21 (Xinhua) -- Tokyo stocks closed higher Thursday, with the benchmark Nikkei stock index ending at a 30-year high on expectations for more stimulus measures under new U.S. President Joe Biden, to underpin the pandemic-hit economy.

The 225-issue Nikkei Stock Average added 233.60 points, or 0.82 percent, from Wednesday to close the day at 28,756.86, marking its highest closing level since Aug. 3, 1990.

The broader Topix index of all First Section issues on the Tokyo Stock Exchange, meanwhile, gained 1.06 points, or 0.60 percent, to finish at 1,860.64.

Tokyo stocks followed major indexes on Wall Street higher overnight, as Biden's inauguration raised hopes that the new U.S. administration's hefty stimulus package could help spur growth, with more measures possibly in the pipeline to add further relief to the world's largest economy, hard hit by the COVID-19 pandemic.

Republicans in the U.S. Congress have signaled they are willing to work with Biden on his 1.9-trillion-U.S.-dollar fiscal stimulus plan, although some have suggested the figure may be too high.

In mid-February, Biden is thought to be considering another round of stimulus measures, which would further bolster investor sentiment, market analysts here said.

"The market rose on expectations for more stimulus packages in the United States," Yoshihiro Takeshige, general manager at investment management department of Asahi Life Asset Management, was quoted as saying.

The market here also got a boost from other major Asian bourses' solid performance, with some reaching all-time highs, brokers here also highlighted, adding that expectations were higher for Japanese firms to now upwardly revise their earnings outlooks, with some companies set to report from Monday.

By the close of play, service, information and communication, and metal product-oriented issues comprised those that advanced the most.

Panasonic climbed 5 percent after the company said it has developed storage boxes for coronavirus vaccines that need to be kept at sub-zero temperatures, with the electronics firm saying that sales will begin in spring.

Nikkei heavyweight SoftBank Group added 2.9 percent to a record high, while advertising agency Dentsu Group leapt 5.3 percent, after reports it plans to sell its Tokyo headquarters, which could net the firm around 300 billion yen (2.9 billion U.S. dollars ), making it the highest-priced building to be sold in Japan.

The 48-story headquarters building is located in the upscale waterfront district of Shiodome in the capital and many of Dentsu's 9,000 employees are currently working from home due to the pandemic.

Only about 20 percent of Dentsu's employees are currently working from the office, sources close to the matter have said.

On the main section on Thursday, 1,144.47 million shares changed hands, dropping from Wednesday's volume of 1,150.00 million shares.

Issues that rose outpaced those that fell by 1,288 to 785 on the First Section, while 117 ended the day unchanged.

The turnover on the penultimate trading day of the week came to 2,495.51 billion yen (24.14 billion U.S. dollars). Enditem

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