Arab Today, arab today japan stocks jump after tokyo wins 2020 olympics bid
Last Updated : GMT 09:44:41
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Japan stocks jump after Tokyo wins 2020 Olympics bid

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Arab Today, arab today Japan stocks jump after Tokyo wins 2020 Olympics bid

Tokio - AFP

Japanese stocks jumped nearly three percent 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 percent on Friday, opened up 2.03 percent and expanded its gain to 2.82 percent, 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 percent from the previous three months, compared with an initial 0.6 percent estimate. Shares of companies that could benefit from 2020 Summer Olympics-related demand soared. Leading construction firm Kajima soared 12.74 percent to 407 yen while Shimizu was up 10.33 at 491 yen. Major real estate firm Mitsui Fudosan jumped 7.59 percent to 3,470 yen. US stocks Friday finished a volatile day little changed despite uncertainty over Syria and a disappointing jobs report with the Dow Jones Industrial Average slipping 0.10 percent to 14,922.50. On currency markets, the dollar was at 99.74 yen in Tokyo morning trade Monday against 99.11 yen Friday afternoon in New York where the greenback slid after the US government reported the economy had added a less-than-expected 169,000 jobs in August. The euro was at $1.3174 and 131.41 yen compared with $1.3180 and 130.62 yen in US trade.

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