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Tokyo stocks extended gains steeply on Wednesday following an overnight surge on Wall Street, with the benchmark Nikkei average shooting up more than 1,400 points to end above the 19,000 line for the first time in two weeks.

The Nikkei average of 225 selected issues listed on the first section of the Tokyo Stock Exchange skyrocketed 1,454.28 points, or 8.04 percent, to close at 19,546.63, after soaring 1,204.57 points Tuesday.

The Nikkei’s rise was the fifth largest ever in terms of points and the sixth biggest in terms of percentage. The index last finished above the psychologically important 19,000 threshold on March 11.

The Topix index of all TSE first section issues climbed 91.52 points, or 6.87 percent, to end at 1,424.62, following a 41.09-point jump the previous day.

The Tokyo market attracted heavy buybacks from the outset of Wednesday’s trading, as investors cheered the Dow Jones industrial average’s largest single-day point gain on record Tuesday, brokers said.

The Dow’s climb came on the back of heightened expectations for the passage by the U.S. Congress of an economic stimulus package to battle the adverse effects of the spread of the new coronavirus.

After fluctuating tightly on the positive side for the majority of the afternoon, the Nikkei surged over 1,400 points in the late afternoon, in response to news reports that the administration of U.S. President Donald Trump has reached a deal with Senate Democrats and Republicans on the stimulus package, brokers said.

“Throughout the day, the Tokyo market was supported by strength in Chinese and other Asian markets,” Yutaka Miura, senior technical analyst at Mizuho Securities Co., said.

Pointing to the rising numbers of coronavirus infection cases in the United States and Europe, Maki Sawada, vice president of Nomura Securities Co.’s Investment Research & Investor Services Department, noted that the market’s biggest focus is on when the spread of the virus will peak out.

On the postponement of the 2020 Tokyo Olympics by around one year, Sawada said that the decision had “a limited impact on the stock market as investors had already factored in such delay.”

Stocks rose almost across the board in the TSE’s first section. Rising issues far outnumbered falling ones 2,055 to 93 while 20 issues were unchanged.

Volume increased marginally to 2.280 billion shares from Tuesday’s 2.256 billion shares.

Realtors attracted active buying, with Mitsubishi Estate Co. surging 12.74 percent and Mitsui Fudosan Co. 10.54 percent.

Airlines JAL and ANA shot up, by 6.71 percent and 4.13 percent, respectively.

Oil names, including JXTG Holdings Inc. and Cosmo Energy Holdings Co., jumped, thanks to a rise in crude oil prices and robust performances of their U.S. peers on Tuesday.

Among other noticeable winners were automaker Toyota Motor Corp. and convenience store chain FamilyMart Co.

On the other hand, a handful of losers included supermarket chain Kobe Bussan Co. and drugmaker Chugai Pharmaceutical Co.

In index futures trading on the Osaka Exchange, the key June contract on the Nikkei average soared 970 points to end at 19,240.

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