TOKYO, April 20 (Xinhua) — Japan’s benchmark Nikkei stock index ended greater on Thursday, as information exhibiting an increase in overseas guests lifted retailers on hopes for elevated patronage and spending by vacationers.
The 225-issue Nikkei Stock Average added 50.81 factors, or 0.18 p.c, from Wednesday to shut the day at 28,657.57.
The broader Topix index, in the meantime, shed 0.65 level, or 0.03 p.c, to complete at 2,039.73.
Local brokers mentioned that regardless of slipping into unfavourable territory early on, losses have been recouped and the market temper bolstered by authorities information exhibiting that overseas guests to Japan had elevated in March.
According to the info launched on Wednesday, an estimated 1,817,500 overseas guests got here to Japan in March, which is 65.8 p.c of the extent seen in March 2019, previous to the outbreak of COVID-19.
Compared to a yr earlier, the determine was greater than 27 instances greater, and essentially the most since Japan lifted main pandemic-related restrictions final October, the info confirmed.
“Market participants are hoping for more tourists from China as their spending is higher than that of others,” Yutaka Miura, senior technical analyst at Mizuho Securities Co., was quoted as saying.
“Sentiment was also supported by hopes for a boost in domestic tourism heading into the Golden Week holidays starting later in the month,” Miura mentioned.
Retail-linked points gaining traction on hopes for elevated spending by abroad guests, included division retailer operators J. Front Retailing and Takashimaya rising 3.3 and three.7 p.c, respectively.
Isetan Mitsukoshi Holdings, in the meantime, closed 2.2 p.c greater, whereas Uniqlo clothes chain operator gained 1.4 p.c.
High know-how points additionally discovered favor on hopes for stable earnings and outlooks each domestically and abroad, with chip-testing tools maker Advantest Corp. climbing 2.2 p.c, whereas chip-making tools maker Tokyo Electron Ltd. added 1.7 p.c.
Nikkei heavyweight SoftBank Group Corp. weighed on the broader market, nonetheless, shedding 1.6 p.c.
By the shut of play, retail, pulp and paper, and electrical appliance-linked points comprised people who gained essentially the most.
The turnover on the Prime Market on the penultimate buying and selling day of the week got here to 2,242.80 billion yen (16.66 billion U.S. {dollars}).