Japan stocks jump after Tokyo wins 2020 Olympics bid
TOKYO (AFP) - Japanese stocks jumped nearly three per cent in opening trade on Monday as investors cheered Tokyo winning its bid to host the 2020 Olympics, good news for construction, real estate and sportswear firms.
The benchmark Nikkei 225 index, which fell 1.45 per cent on Friday, opened up 2.03 per cent and expanded its gain to 2.82 per cent, or 390.21 points, to 14,251.02 in the first few minutes of trade.
"Tokyo's hosting the Olympics, and the ongoing yen weakening trend, combined with improving global economic outlook will likely offset negative factors such as weaker-than-expected US jobs data and concern over US military action in Syria," said Hiroichi Nishi, general manager of equities at SMBC Nikko Securities.
Before markets opened Monday, Japan revised upwards growth data for the April-June quarter, with the world's number-three economy expanding 0.9 per cent from the previous three months, compared with an initial 0.6 per cent estimate.