Connect with us

Hi, what are you looking for?

Capital Business
Capital Business
Tokyo's Nikkei index closed up 2.50 percent Tuesday after US President Donald Trump dropped opposition to government aid for Joe Biden's transition team/file


Tokyo’s Nikkei ends up 2.5% as Biden gets transition help

TokyoJapan, Nov 24 – Tokyo’s Nikkei index closed up 2.50 percent Tuesday after US President Donald Trump dropped opposition to government aid for Joe Biden’s transition team, with markets also buoyed by new vaccine news.

The Nikkei 225 index rose 638.22 points to close at 26,165.59, playing catch-up after a long weekend with surges in other markets.

The broader Topix index added 2.03 percent, or 35.01 points, to 1,762.40.

Shortly before the opening bell in Tokyo, Trump tweeted that the General Services Administration should start releasing federal funds and resources to start a transition, ending major uncertainty, although the president has yet to concede defeat in the election.

“The market took the news positively,” said Toshikazu Horiuchi, a broker at IwaiCosmo Securities.

Investors also welcomed news reports that Biden has tipped former Federal Reserve boss Janet Yellen for Treasury Secretary, Horiuchi told AFP.

Buying sentiment appeared already strong following a three-day weekend, during which global markets surged on positive news about vaccines.

International investors have cheered news that British drugs group AstraZeneca and the University of Oxford will seek regulatory approval for their coronavirus vaccine, following similar announcements by Pfizer/BioNTech and Moderna.

“From now on, we will see a tug-of-war between profit-taking and bargain-hunting. The market is heating up but sentiment remains strong,” Horiuchi added.

Advertisement. Scroll to continue reading.

The dollar stood at 104.40 yen in Asian afternoon trade against 104.54 yen in New York on Monday.

Japan Airlines soared 4.90 percent to 2,010 yen but rival ANA slumped 1.93 percent to 2,483 yen after an advisor to Prime Minister Yoshihide Suga reportedly called for the struggling companies to merge to weather the pandemic.

Sony surged 2.76 percent to 9,490 yen and Toyota gained 1.07 percent to 7,431 yen.

Click to comment

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...


NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...


NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...


NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...


NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...