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Nikkei Recoups Early Losses as TravelRelated Shares Bounce Back

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TOKYO, April 26 Reuters Japanese shares ticked higher on Monday, as travelrelated stocks bounced back from losses driven by fears of coronavirus curbs, and after ANA forecast a smallerthanexpected fullyear loss.

The Nikkei share average rose 0.24 to 29,089.48, recovering from earlier losses of 0.43. The broader Topix edged up 0.11 to 1,917.00.

Travelrelated shares led the gains after their big declines in recent weeks as investors closed their selling positions made in anticipation of social restrictions to curb the fourth wave of COVID19 infections.

Japan on Friday declared short and powerful states of emergency for Tokyo, Osaka and two other prefectures, requiring restaurants, bars and karaoke parlours serving alcohol to close and big sporting events to be held without spectators.

Those sectors hit by the coronavirus are getting bought back as there are hopes that the coronavirus infections will decline now that the government has declared an emergency, said Takashi Hiroki, chief strategist at Monex Securities.

ANA Holdings gained 5.4 after the airline said its fullyear operating loss would be narrower than previously forecast.

Railway companies soared, with Central Japan Railway , West Japan Railway and East Japan Railway up 3.9, 3.4 and 2.7, respectively.

Tokyo Disney Resort operator Oriental Land Corp rose 2.5.

Because the market has started to underperform globally partly due to the rise of local infections, if the new restrictions curtail infections,…

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