Nikkei inches higher; worries over PM Abe's health weigh
24/08/2020 08:22
TOKYO, Aug 24 (Reuters) - Japanese shares ended higher on
Monday, taking cues from gains in e-mini futures and Asian
peers, but rising speculations around Prime Minister Shinzo
Abe's health weighed on sentiment.
The benchmark Nikkei share average .N225 rose 0.28% to
close at 22,985.51, while the broader Topix .TOPX gained 0.19%
to 1,607.13.
Creating tailwinds to the market, e-mini futures for the S&P
500 EScv1 rose 0.41%, while Hong Kong stocks .HSI rose
1.48%.
Trade volume was subdued as many market participants were
absent due to the summer lull.
The volume of shares traded on the Tokyo Stock Exchange's
main board .TOPX was 0.78 billion.
Investors were wary after Japanese Prime Minister Abe
entered a Tokyo hospital to receive a follow-up medical
examination from last week. urn:newsml:reuters.com:*:nT9N2DA024
Last week's medical check-up stoked concerns about Abe's
ability to continue as leader due to health issues and fatigue
from handling the COVID-19 crisis.
"I'd like to take care of my health and do my best at my
job," Abe told reporters after his hospital visit. urn:newsml:reuters.com:*:nL4N2FP0MC
Abe, already Japan's longest-serving prime minister,
surpassed a half-century-old record set by his great-uncle
Eisaku Sato for the longest consecutive tenure as premier on
Monday, adding to speculation he may resign after reaching the
milestone. urn:newsml:reuters.com:*:nL4N2FP0MC
Even if Abe were to resign, the impact on Japan's market
would be limited, some analysts say.
"Basically, economic and financial policies won't change, no
matter who succeeds (Abe)," said Masahiro Ichikawa, senior
strategist at Sumitomo Mitsui DS Asset Management.
"There may be a confusion temporarily, but the impact would
probably be limited."
Investors also await U.S. Federal Reserve Chairman Jerome
Powell's address at the Kansas City Fed Jackson Hole symposium
on Thursday. urn:newsml:reuters.com:*:nL1N2FM13D
The stocks that gained the most among the top 30 core Topix
names were Nintendo Co Ltd 7974.T up 4.79 %, followed by
Mitsui & Co Ltd 8031.T .
(Reporting by Eimi Yamamitsu; Editing by Rashmi Aich)
((eimi.yamamitsu@thomsonreuters.com;))