Nikkei snaps losing streak to end higher

TOKYO (AFP/APP): Tokyo’s benchmark Nikkei index snapped its four-day losing streak to close higher on Wednesday, supported by gains in other Asian shares.
The Nikkei 225 index gained 0.59 percent, or 161.44 points, to end at 27,585.91, while the broader Topix index climbed 0.44 percent, or 8.34 points, to 1,923.97.
“The Tokyo market bounced back as shares were bought after four days of losses,” Okasan Online Securities said.
“The Nikkei reached the 27,600 level on the back of gains in Asian shares,” it added. However, the brokerage warned that “the normalisation of business will be further delayed because of a surge in virus cases” in Japan.
The Japanese government on Tuesday expanded a coronavirus state of emergency to seven more regions, as it battles a record wave of infections a week before the Paralympics.
Shortly before the market opened, the finance ministry said Japan’s exports surged 37 percent in July on-year, thanks to a recovery in automobile and steel exports.
It marked five straight months of increase, while imports also rose 28.5 percent for July from a year ago.
Japan’s core machinery orders fell 1.5 percent in June from the previous month, a better than expected fall. The median forecast among private economists surveyed by Nikkei QUICK was 2.9 percent.
In Tokyo trading, Uniqlo casual wear operator Fast Retailing rose 0.88 percent to 73,800 yen while market heavyweight SoftBank Group added 0.74 percent to 6,466 yen.
Sony jumped 1.67 percent to 10,900 yen. The dollar stood at 109.62 yen, barely changed from 109.59 yen in New York on Tuesday.