Japan Shares End Higher as IMF Forecast Boosts Hopes

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TOKYO, Jan 27 Reuters Japanese stocks closed higher on Wednesday, on hopes of better corporate results after the International Monetary Fund raised its forecast for global growth, while shares of Nitto Denko jumped following a revision in its earnings outlook.

The Nikkei share average ended 0.31 higher at 28,635.21, while the broader Topix gained 0.65 to 1,860.07.

The International Monetary Fund IMF raised its forecast for global economic growth in 2021 and said the coronavirustriggered downturn last year would be nearly a full percentage point less severe than expected.

Many of the Japanese stocks are sensitive to the global economy. Investors are taking a fresh look at Japanese shares after the IMFs global economic outlook, said Hideyuki Ishiguro, senior strategist, Daiwa Securities.

Equities in Asia, except Japan, fell, with MSCIs gauge of Asian exJapan shares slipping 0.3.

Back home, electronic components maker Nitto Denko jumped 7.91 to a threeyear high, after it raised its annual operating profit forecast to 90 billion yen 867.89 million. The stock was the top gainer 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 maker said it sold the development and marketing rights for a COVID19 treatment to Californiabased biotech BioAge Labs Inc.

ANA Holdings fell 0.61 after the airline said it would suspend 16 international routes and reduce service to three other routes during the…

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