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| - Tokyo stocks opened up nearly five percent on Wednesday after a record-setting US rally and relief that the Tokyo Olympics is being postponed, not cancelled. The benchmark Nikkei 225 index, which soared more than seven percent on Tuesday to log the best rise since 2016, was up 4.97 percent or 899.03 points at 18,991.38 in early trade. The broader Topix rose 4.54 percent or 60.57 points to 1,393.67. Investor sentiment got a boost from hopes for a massive US stimulus package to counter the impact of the pandemic, as well a deal to postpone the 2020 Tokyo Games until next year. "A big rise is expected for Japanese stocks after rallies in European and US markets," Okasan Online Securities said in a note. On Wall Street, the Dow surged 11.4 percent, its biggest one-day percentage increase since 1933, boosted by signs Congress is nearing agreement on a rescue package for the US economy that could amount to more than $2 trillion. Okasan Online also commented: "Although the exact opening date is yet to be fixed, worries that the cancellation (of the Games) would worsen the economy have receded, supporting Japanese stocks." The dollar was trading at 111.10 yen against 111.32 yen in New York Tuesday afternoon. mis/sah/jah
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