Japan Stocks Rise on U.S. Stimulus; Sharp Shares Drop


TOKYO, Dec 28 Reuters Japanese shares rose in holidaythinned trade on Monday as investors continued to bet that U.S. fiscal stimulus and coronavirus vaccinations will quicken the global economic recovery.

The Nikkei 225 Index rose 0.35 to 26,750.62 by 0200 GMT. The broader Topix advanced by 0.26 to 1,783.07.

Healthcare, utilities, and technology stocks rose on expectations that the earnings outlook will improve after a tumultuous year marred by the coronavirus outbreak.

Bucking the positive mood, Sharp Corp tumbled by 3.68 after saying it suspects one of its subsidiaries used improper accounting techniques.

U.S. President Donald Trump signed a 2.3 trillion financial aid and spending bill after initially refusing to approve the legislation, which restores unemployment benefits to millions and averts a partial federal government shutdown.

Europe launched a mass COVID19 vaccination drive on Sunday. Vaccinations have also begun in Britain and the United States, raising hope that major economies can shake off the drag caused by the spread of the coronavirus.

Given the economic stimulus that has come from Japan, Europe, and the United States, it is possible that the global economy will recover faster than expected next year, but this is based on the assumption that vaccinations proceed smoothly, analysts at Daiwa Securities wrote in a research memo.

The stocks that gained the most among the top 30 core Topix names were Murata Manufacturing Co Ltd, up 2.15 , followed…

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