Japan Utility Stocks Jump After PM Candidate Backs Nuclear Power
- Kono says nuclear plants needed to reach climate goals
- Tepco climbs 12%; Kansai Electric, Shikoku Electric also rise
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Shares of Japanese utilities got a boost of confidence after a leading contender to become prime minister said restarting nuclear power plants was necessary to achieve the country’s net zero goals, reversing a previous stance that sought to phase out the energy source.
Power providers and nuclear reactor operators soared on Thursday. Tokyo Electric Power Co. jumped as much as 12%, the most in almost five years, while Kansai Electric Power Co. and Shikoku Electric Power Co. each rose more than 5%. The Topix Electric Power & Gas Index gave the biggest boost to the broader index, which declined after rallying for eight consecutive days.