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Japanese stocks surge, lifted by Wall Street; Nissan up 3.5 percent after GM talks nixed

Japanese stocks surge, lifted by Wall Street; Nissan up 3.5 percent after GM talks nixed

Japanese stocks surged Thursday as investors snapped up autos, electronics and other blue chips after Wall Street rose to another record. Nissan's stock jumped 3.5 percent after GM called off alliance talks.
The benchmark Nikkei 225 index rose 366.78 points, or 2.28 percent, to finish at 16,449.33 points on the Tokyo Stock Exchange. The index fell nearly 1 percent Wednesday.
Investors welcomed the advance on Wall Street, where Dow Jones industrial average climbed to 11,950.61, a second straight record close as investors grew more optimistic about a possibility that the Federal Reserve will lower interest rates. Good news in the U.S. tends to buoy sentiment in Japan because the U.S. is Japan's biggest export destination.
Nissan Motor Co.'s stock jumped 3.48 percent to 1,369 yen (US$11.60) after General Motors Corp. called off talks between Nissan and France's Renault SA about a possible three-way tie-up.
Other gainers included Mazda Motor Corp., which added 2.62 percent to 744 yen (US$6.31) and Canon Inc., which posted a 4.80 percent to 6,550 yen (US$55.51).
Technology stocks also climbed, with Advantest Corp. rising 4.15 percent to 6,020 yen (US$51.02).
Meanwhile, Toshiba Corp. fell 5.96 percent to 723 yen (US$6.13) over investor worries about the financial burden from its acquisition of Westinghouse Electric Co. Toshiba said the previous day it expects to complete its takeover of the U.S. producer of atomic power plant equipment by the end of this month.
The broader Topix index, which includes all shares on the exchange's first section, added 31.21 points, or 1.95 percent, at 1,633.20.
In currencies, the dollar was trading at 117.56 yen on the Tokyo foreign exchange market at 3 p.m. (0600 GMT) Thursday, down from 117.89 yen from late Wednesday in New York. The euro fell to US$1.2704, from US$1.2713.
The yield on Japan's 10-year government bond rose to 1.7300 percent, from Wednesday's finish at 1.7200 percent. Its price fell to 99.74 from 99.83.


Updated : 2021-02-28 09:39 GMT+08:00