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Japanese shares continue to rise on stimulus hopes | Japanese shares continue to rise on stimulus hopes |
(about 3 hours later) | |
Japanese stocks continued their positive trend, adding a fourth day of gains since last weekend's election. | |
Tokyo's Nikkei 225 closed 1% higher at 16,385.89, while the broader Topix index gained 0.8% to 1,311.16. | |
There is widespread expectation of fresh fiscal stimulus after the party of Prime Minister Shinzo Abe won the recent upper house election. | |
Mr Abe said the result endorsed his economic reform policies and pledged more action to prop up the economy. | |
Nintendo shares were once again among the best performers in Tokyo, gaining 13%. | Nintendo shares were once again among the best performers in Tokyo, gaining 13%. |
The company's shares have seen an exceptional rise since the release of the Pokemon Go game last week, rising by 56% since last Friday. | |
Investors are also expecting that the Bank of England will cut interest rates on Thursday to try to stimulate the economy following the UK's vote to leave the European Union. | |
In China, the Hang Seng index in Hong Kong was 0.9% higher in the afternoon session, while the mainland Shanghai Composite fell 0.3%. | |
In Australia, the ASX/200 edged up 0.4% to end at 5,411.61 while South Korea's benchmark Kospi closed 0.2% higher at 2,008.77. |