Asian Markets Up; Nintendo Surges for Second Day on Pokemon Go Success
Asian markets were up once again in Tuesday's session.
In Tokyo, the Nikkei ended the day at 16,095.65, 2.46% up. The Topix had it biggest two-day gain since February. It closed 2.38% up at 1,285.73.
The gains come as markets await details of Japanese Prime Minister Shinzo Abe's fiscal stimulus package. Finance Minister Taro Aso today told reporters that he will make decisions on how the plan will be financed once the details are in place. Aso did not provide specifics on the size or timing of the stimulus package.
The markets were also propped up by a weakening yen. The yen fell by 2.2% against the dollar to ¥103.43.
Shares in Nintendo (NTDOY) surged once again today on the unexpected success of augmented reality mobile game Pokemon Go. The game, released on July 6, allows players to capture, battle and train virtual Pokemon who appear in the real world. By Monday, there were an estimated 7.5 million downloads on the game in the U.S.
The stock was recently up 13.40%, after gaining 24.6% on Monday. Yesterday's gain was the biggest spike in 33 years.
The game has been deemed a saviour for the games company. Earnings for the fiscal year that ended March 31, 2016 fell 60.6% to ¥16.5 billion (4159 million). At the time Kyoto, Japan-based company expected sales to decline 1% in the current fiscal year to ¥500 billion and operating income to grow 37% to ¥45 million.
In Hong Kong, the Hang Seng was up 1.47% at 21,186.52.
On mainland China, the CSI 300 gained 2.09% at 3,270.21.
Dow Jones Industrial mini futures were recently 0.24% and S&P 500 mini futures were 0.22% up.