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Tokyo: Nikkei climbs on report PM Abe to announce 28t yen stimulus package

Wednesday, July 27, 2016 - 14:23

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[TOKYO] Japan's Nikkei ended higher on Wednesday, lifted by reports that Prime Minister Shinzo Abe is to announce a 28 trillion yen (S$360 billion) economic stimulus package.

The Nikkei ended up 1.7 per cent at 16,664.82. It had jumped as much as 2.7 per cent to 16,821.43 in early afternoon trade.

Japanese Prime Minister Shinzo Abe said on Wednesday the government would compile a stimulus package of more than US$265 billion to reflate the flagging economy, according to media reports, although it unclear how much will be spent to directly boost growth.

The package, which exceeds initial estimates of around 20 trillion yen, will include 13 trillion yen in "fiscal measures,"Jiji reported.

The broader Topix gained 1.1 per cent to 1,321.67 and the JPX-Nikkei Index 400 added 1.2 per cent to 11,887.23.

REUTERS

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