Japanese share gained on positive national data

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Source: Dukascopy Bank SA
© Scanpix/AFP
Japanese equities extended previous gains on Friday after the government approved a stimulus package as looming election put more pressure on the ruling party to act faster to increase its popularity in the country. However, experts claim the effectiveness of the move is doubtful as the size of the package is much smaller than any of four previous spending plans. Pushing the Japanese stocks higher, the national industrial output unexpectedly soared in October after posting a sharp fall in September. Moreover, Japanese housing starts climbed in Q3, confronting forecasts of a decline. The Nikkei 225 Index jumped 0.48% to close at 9,446.01. Six out ten sectors within the index moved higher. The top-performers were technology and health care companies. Canon and Citizen Holdings added 1.19% and 2.49%. Meanwhile, Mitsubishi Heavy Industries and Hitachi jumped 4.16% and 2.96% after announcing that they decided to combine their thermal power business to increase its competitiveness in the global arena. Among health care firms, Astellas Pharma and Daiichi Sankyo rose 0.96% and 0.79%.


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