TOKYO -- Shares in railway-related businesses such as rolling stock makers in Japan and China boomed Friday, as investors seized on the U.S. president's lament that America lacks high-speed trains.
"Some of you were saying yesterday to me that, you go to China, you go to Japan, they have fast trains all over the place," Donald Trump told U.S. aviation industry executives Thursday. "We don't have one," he added, arguing for more infrastructure spending.
Riding expectations for increased U.S. demand, shares in Nippon Sharyo, a Japanese producer of shinkansen bullet train cars, climbed 18% to a roughly 15-month high of 332 yen at one point Friday before closing at 322 yen. Trading volume came just shy of 5.3 million shares, ballooning almost 380% from a day earlier.
Also on the Tokyo Stock Exchange, railway signal equipment maker Daido Signal soared as much as 15%. Gains were also had by Kawasaki Heavy Industries, which makes train cars in the U.S., and Central Japan Railway, which is supporting a high-speed rail project in Texas.
"Ahead of a U.S.-Japan summit in which economic cooperation will likely be discussed, investors were primed to act on news with an American angle," said Masayuki Otani of Securities Japan.
On the Shanghai Stock Exchange, Chinese rolling stock manufacturer CRRC advanced almost 5% at one point.