Although stocks on the Tokyo and Seoul stock exchanges weakened slightly on the last day of November, they recorded their biggest monthly increase in many years. The Tokyo Stock Exchange rose 15 percent in November and Seoul’s by 14.
Tokyo’s Nikkei index last rose in one month in January 1994. This November thus brought an surpassing almost 27 year old record. Seoul’s KOSPI index broke a 19-year-old record in November.
Both major Asian stocks benefited from some good news that emerged in the penultimate month of this year. The very beginning of November was positive from the point of view of financial markets. Donald Trump’s challenger, Joe Biden, has dominated the US presidential election, widely expected to ease tensions in global trade and especially between the United States and China.
More great news started coming from pharmaceutical companies. All started by American Pfizer, which announced that the coronavirus vaccine developed in cooperation with the German company BioNTech shows up to 95procennne effectiveness and no serious side effects. Shortly thereafter, Moderna and AstraZeneca announced similar success. Financial markets were so resounding in the hope that the covid pandemic would weaken or possibly end in the foreseeable future.