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Tokyo's Nikkei jumps more than 1.3% with eyes on US vote

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Shanghai markets
Shanghai markets
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Tokyo's benchmark Nikkei index rallied more than 1.3% Monday on bargain-hunting, with the market bracing for the US presidential election.

The Nikkei 225 index rose 1.39%, or 318.35 points, to close at 23 295.48, snapping a five-day losing streak. The broader Topix index gained 1.81%, or 28.62 points, to 1 607.95.

"It's quite natural to see shares rebound following last week's sharp decline," said Toshikazu Horiuchi, a broker at IwaiCosmo Securities.

"After a round of buying back, however, players remained sidelined, waiting to see the results of the US presidential election, which is really unpredictable," Horiuchi told AFP.

Tokyo financial markets will be closed on Tuesday for a national holiday.

The dollar fetched ¥104.71 in Asian afternoon trade, against ¥104.67 in New York.

In Tokyo, Japan Airlines gained 1.81% to ¥1 850 after it forecast an annual net loss of more than $2.3 billion, as the coronavirus pandemic keeps flights grounded worldwide.

Toyota jumped 2.14% to ¥6 949 after a report said the automaker will boost output to record levels in the November-January period in response to robust demand in China and the US.

Sony rose 1.08% to ¥8 768 after a report said the company was in talks to acquire US animation distributor Crunchyroll from AT&T.

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