Nikkei 225 Gains 1.4% on Fading Omicron Concerns

The Nikkei 225 opened higher and gained in trading, finishing up 1.4% as Tokyo traders joined the global rally on easing concerns that the omicron variant of the COVID-19 virus will derail the global economic recovery. Tech shares were buoyed by the overnight 3.0% gain on the tech-centric Nasdaq.

The benchmark Nikkei 225 rose 405.02 to 28,860.62 as gaining issues outnumbered losers 116 to 104.

Leading the upside were Chugai Pharmaceutical (CHGCY, 4519), up 6.8%, followed by materials-and-electronics company Taiyo Yuden (TYOYY, 6976), up 5.1%, and then robot-maker FANUC (FANUY, 6954), up 4.1%/

On the downside were real estate giant Mitsui Fudosan (MTSFY, 8801), off 3.7%, and then Sumitomo Realty & Development (SURDF. 8830:Tokyo), off 3.2%.

In other news, the Economy Watcher's Survey index, a poll of cab drivers, restaurant staff and other frontline service workers, rose to 56.3 in November from 55.5 in October, the highest reading in eight years. A reading above 50 indicates that more respondents feel conditions are improving rather than worsening.

Japan in July was struck by its fourth and by-far largest wave of COVID-19 infections, prompting authorities to place much of the country under states of emergency declarations, which were lifted on Oct. 1. Service industries were the most impacted by business restrictions, during the emergency periods.