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Japans Nikkei Ends Higher on Economic Rebound Hopes

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TOKYO, June 10 Reuters Japans Nikkei index closed higher on Thursday, as shipping firms rose on prospects of more economic reopenings and drugmakers were boosted by reports of government support.

The Nikkei share average ended 0.34 higher at 28,958.56, while the broader Topix ticked down 0.02 to 1,956.73.

Signs that more economies are reopening amid a steady vaccine rollout underpinned shipping firms, with Nippon Yusen jumping 3.65 to be the biggest gainer on the Nikkei.

Japan plans to finish vaccinating all citizens who have applied for shots by OctoberNovember, Prime Minister Yoshihide Suga said during a debate between party leaders on Wednesday.

Eisai sank 7.02 after two days of gains by daily limit. U.S. regulators earlier this week approved a drug developed by the firm and Biogen for Alzheimers disease. For the week, the stock has gained 30 so far.

Rival drugmaker Shionogi rose 3.4 on a local media report that the firm plans to massproduce its own COVID19 vaccines.

Chugai Pharmaceutical gained 1.04 and Ono Pharmaceutical rose 1.5 on a media report they will receive government subsidies for their research on COVID19 drugs.

The TSEs air transport index hit a 15month high before slipping 0.49 as investors locked in profits.

Some people say their rally on economic reopenings would last only about two weeks. In the past year, that has been the case because we were able to contain the COVID19 only temporarily, said Fumio Matsumoto, chief strategist at Okasan…

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