【Fujitomi】Nikkei Stock Average rises for fourth straight day; first since the nine-day stretch from December 6–16, 2016

The Nikkei stock average ended this year with its first four consecutive days of gains, rising 210.10 yen (1.10%) to close at 19,289.43 yen. Expectations for higher US stock prices, a generally weaker yen, and anticipation of a tax reform plan that President Trump is expected to unveil on US time the 26th spurred buying, helping push the index to a high close.

Risk-averse sentiment, due to concerns over the first round of the French presidential election and North Korea's army anniversary, reduced the yen’s net long position, while interest in President Trump’s tax plan grew. It appears Trump is proposing a 10% tax rate on repatriated profits of more than $2.6 trillion (about ¥289 trillion) that US companies hold overseas. In addition, a plan to cut the top marginal tax rate on pass-through entities’ member income from 39.6% to 15% is also said to be included.

The TOPIX also extended its gains, finishing up 18.20 points (1.2%) at 1,537.41. The Tokyo Stock Exchange First Section’s total trading value was ¥2.5099 trillion, and trading volume was 2,035.53 million shares. The number of advancing issues on the First Section was 1,655, declining issues 294, and unchanged 65.

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