Asian shares rise amid cautious outlook for global economy
TOKYO (AP) — Asian shares rose moderately Monday amid cautious optimism about a global rebound from the coronavirus pandemic.
Japan's benchmark closed less than 0.1% higher at 29,685.37, in the first Tokyo market reaction to a weekend by Prime Minister Yoshihide Suga with President Joe Biden over the weekend. Suga also spoke with the Pfizer chief executive, asking to ensure a more steady supply of the company's COVID-19 vaccine. Japan has lagged other wealthy nations, with barely 1% of its population inoculated so far.
The government measures against COVID-19 infections already in some urban areas, including Tokyo, are being expanded to other areas of Japan, starting Tuesday, but the cities of Tokyo and Osaka are considering strengthening them to a “state of emergency.” Japan has never had a lockdown, and its laws would need to be changed for such action.
Australia's S&P/ASX 200 inched up less than 0.1% to 7,065.60, while South Korea's Kospi also was little changed, at 3,198.84. Hong Kong's Hang Seng rose 0.5% to 29,106.10. The Shanghai Composite gained 1.5% to 3,477.74.
Even though the possibility of faster delivery of vaccines was a plus, the summit between Biden and Suga has added to tension with China, noted Yoshimasa Maruyama, chief market economist at SMBC Nikko Securities.
“The Suga administration has taken a risk in China relations, in accordance to the U.S. request,” Maruyama said.
Suga may have hoped Biden would more forcefully express support for the Tokyo Olympics, set to open in July despite widespread public objections and worries about the pandemic, but their joint statement merely said the U.S. supports Japan's "efforts to hold a safe and secure" Games.
On Wall Street, the S&P 500 and Dow Jones Industrial Average ended last week at...
