【Fuji Tomi】Nikkei 225 rebounds for the first time in 3 days; yen depreciation provides tailwind
The Nikkei Stock Average rebounded for the first time in three days, ending the session at 19,310.52 yen, up 113.78 yen (0.59%) from the previous close. In the morning, news that the U.S. Congress had reached a provisional agreement on the spending bill reduced uncertainty around U.S. politics, contributing to a weaker yen and a stronger dollar, which supported buying in the Tokyo stock market. In the afternoon, buying activity shifted toward companies with solid earnings such as Tokyo Electron and Sony, and the Nikkei was firm.
Negotiators in both houses of Congress reached a provisional agreement on a comprehensive spending bill worth a total of $1.1 trillion (about 123 trillion yen) through the end of September on the night of U.S. time the 30th (early May 1 in Japan). The content largely aligns with the priorities of the Democratic Party and includes few of the promises touted by President Trump. To avoid a government shutdown, passage in both the House and the Senate is required by the 5th.
The TOPIX also rose, ending up 7.97 points (0.52%) at 1,539.77 from the previous close. The trading value on the Tokyo Stock Exchange First Section was 2,217.7 billion yen, and the trading volume was 1,760.86 million shares. The number of rising issues on the First Section was 1,337, falling issues 571, and unchanged 108.
