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Bloomberg
Prime Minister Shinzo Abe’s plan to declare a state of emergency in parts of Japan to contain the coronavirus was surprisingly well-received in the stock market, with many participants feeling confident that local equities have bottomed.
Abe unveiled a stimulus package totaling $990 billion on Monday, and later on Tuesday declared a state of emergency for Tokyo, Osaka and five other prefectures. Investors anticipate the steps will accelerate domestic efforts to contain the virus spread, while the larger-than-expected stimulus will be a boost.
The benchmark Topix index capped its best two-day advance in two weeks. The blue-chip Nikkei 225 Stock Average closed above its 25-day moving average and inched away from the key resistance level of 19,000.