TOKYO, March 1 Japanese stocks recovered from
intraday lows on Wednesday afternoon after U.S. President Donald
Trump's speech to Congress offered few details or surprises on
tax and spending policies.
The Nikkei share average rose 1.3 percent to
19,366.88 in early afternoon trade, up from the morning close of
19,222.56. But the index was trading narrowly.
In a speech that ended before the Japanese equities market
reopened for trade in the afternoon, Trump pledged to overhaul
the immigration system, improve jobs and wages for Americans and
promised "massive" tax relief to the middle class and tax cuts
"The speech didn't contain anything drastic or
extraordinary, so the first impression to investors was that it
lacked something new," said Eiji Kinouchi, chief technical
analyst at Daiwa Securities. "But it was not particularly
disappointing either, so investors are having a hard time
finding direction so they are just recovering some of their
positions that they sold before the speech."
The broader Topix gained 0.8 percent to 1,548.15 and
the JPX-Nikkei Index 400 rose 0.9 percent to
(Reporting by Ayai Tomisawa; Editing by Jacqueline Wong)