The Nikkei 225 index rebounded on Wednesday as investors cheered the ongoing Japan earning season. The index rose by more than 140 points and is trading at ¥28,000. It is still about 8.67% below its highest level this year.
Japan stocks rebound
Most Japan stocks in the Nikkei index were in the green today as the country intensified its Covid vaccination drive. The country has already vaccinated more than 100 million people and is now shifting its focus to the youth. This is notable since Japan’s recovery will depend mostly on how fast its population is vaccinated.
The index is also rising after the relatively strong results from some key companies. On Tuesday, Softbank published its quarterly results that were dragged down by its exposure to Chinese companies like Alibaba and DiDi. The company said that it will pause making Chinese investments for now.
In total, its profit declined by about 39% in the second quarter. In a statement, Masayoshi Son said that he will also make personal investments with the Vision Fund.