(Refusing to correct the spelling of paragraph 1 of Nitto Denko)
TOKYO, Jan 27 (Reuters) – Japanese stocks closed higher Wednesday, on hopes for better corporate yields after the International Monetary Fund raised its forecast for global growth, while shares of Nitto Denko jumped after a revision in his employment outlook.
The average Nikkei share finished 0.31% higher at 28,635.21, while the wider Topix gained 0.65% to 1,860.07.
The International Monetary Fund (IMF) raised the forecast for global economic growth in 2021 and said the decline triggered by last year’s coronavirus would be nearly a full percentage point lower than expected.
“Much of Japan’s stock is sensitive to the global economy. Investors are taking a fresh look at Japanese stocks following the IMF’s global economic outlook, ”said Hideyuki Ishiguro, senior strategy expert at Daiwa Securities.
Shares fell in Asia, excluding Japan, with MSCI’s share of Asian shares held in Japan slipping 0.3%.
At home, electronic components manufacturer Nitto Denko jumped 7.91% to a three-year high, after raising its annual operating profit forecast to 90 billion yen ($ 867.89 million). The stock was the main gain on the Nikkei index, followed by Canon, which jumped 6.71%, and Sharp with a gain of 6.15%.
Shionogi & Co gained 1.12% after the drug manufacturer claimed to have sold the development and marketing rights for COVID-19 treatment to California-based biotech-based BioAge Labs Inc.
ANA Holdings fell 0.61% after the airline said it would suspend 16 international routes and reduce service to three more routes in the summer due to COVID-19 pandemic outbreak. restriction of worldwide travel.
Japan Asia Group energy and environment services company’s price rose to a high of 1,090 yen after the shares were issued on a glut of purchase orders as U.S. purchase fund Carlyle Group increased their offer.
Reciting with Junko Fujita; edited by Uttaresh.V