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Japanese Market Extends Gains

The Japanese stock market is notably higher on Tuesday, extending gains from the previous session following the overnight rally on Wall Street as the reported death toll in some of the world's coronavirus hotspots showed signs of easing.

Investor sentiment received a boost after Japanese Prime Minister Shinzo Abe pledged on Monday to roll out an economic stimulus package totaling 108 trillion yen, or equal to 20 percent of Japan's GDP. The stimulus packed will be confirmed by the Cabinet today.

The benchmark Nikkei 225 Index is gaining 461.95 points or 2.49 percent to 19,038.25, after rising to a high of 19,162.52 earlier. Japanese shares rallied on Monday.

Market heavyweight SoftBank is rising more than 4 percent and Fast Retailing is advancing more than 2 percent.

The major exporters are higher despite a stronger yen. Canon is gaining more than 3 percent, while Panasonic and Mitsubishi Electric are rising almost 3 percent each and Sony is advancing almost 2 percent.

In the tech space, Advantest is climbing almost 11 percent and Tokyo Electron is gaining more than 5 percent. Among automakers, Honda is rising more than 3 percent and Toyota is adding 0.2 percent.

In the oil sector, Inpex is up 0.2 percent, while Japan Petroleum is lower by more than 4 percent after crude oil prices fell about 8 percent overnight.

Among the other major gainers, Daiwa House Industry is gaining almost 9 percent and Kawasaki Kisen Kaisha is higher by more than 7 percent. Recruit Holdings and Minebea Mitsumi are rising almost 7 percent each.

On the flip side, Fujifilm Holdings is losing almost 4 percent, Denka Co. is lower by more than 3 percent, and Nichirei Corp. is declining more than 2 percent.

In economic news, the average of household spending in Japan was down 0.3 percent on year in February, the Ministry of Internal Affairs and Communications said on Tuesday - coming in at 271,735 yen. That beat expectations for a decline of 3.4 percent on year following the 3.9 percent annual drop in January.

Japan will also see February figures for labor cash earnings and its leading and coincident indexes today.

In the currency market, the U.S. dollar is trading in the 109 yen-range on Tuesday.

On Wall Street, stocks rallied on Monday as the reported death tolls in some of the world's coronavirus hot spots showed signs of easing over the weekend. The number of coronavirus-related deaths in New York State fell to 594 on Sunday from 630 on Saturday, reflecting the first daily decrease. Reports of decreases in the number of new infections and deaths in European countries like Italy and Spain also generated positive sentiment.

The Dow soared 1,627.46 points or 7.7 percent to 22,679.99, the Nasdaq spiked 540.15 points or 7.3 percent to 7,913.24 and the S&P 500 surged up 175.03 points or 7 percent to 2,663.68.

The major European markets also showed strong moves to the upside on Monday. The German DAX Index skyrocketed by 5.8 percent, the French CAC 40 Index soared by 4.6 percent and the U.K.'s FTSE 100 Index jumped by 3.1 percent.

Crude oil prices fell on Monday after moving up in the previous two sessions, following the meeting of leading oil producers getting postponed by three days. WTI crude for June ended down $2.26 or about 8 percent at $26.08 a barrel.

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