TOKYO, March 15 (Reuters) - Japanese shares inched higher on Monday as optimism around the passage of a massive U.S. stimulus package boosted cyclical stocks, although declines in SoftBank Group and other tech companies limited gains.
"Today's market in Japan is a reflection of the U.S. market on Friday," said Shoichi Arisawa, general manager of the investment research department at IwaiCosmo Securities.
The Dow Jones Industrial Average .DJI rose to its fifth consecutive record high on Friday as the U.S. House of Representatives gave final approval to the $1.9 trillion COVID-19 relief bill. are buying cyclical shares that would benefit from a recovery of the U.S. economy, which would be accelerated by the huge economic package that was approved," Arisawa said.
Japanese transport and materials stocks advanced.
E-commerce firm Rakuten 4755.T surged 24% after announcing a capital tie-up with postal giant Japan Post Holdings 6178.T , making it the biggest gainer in the Nikkei. Japan Post gained 2.49%. tech shares fell tracking Nasdaq 's decline on Friday, with Nikkei heavyweight SoftBank Group 9984.T down 2.49%.
Amid rising U.S. bond yields, Japan's largest banks gained the most among the top 30 core Topix names, with Mitsubishi UFJ Financial Group 8306.T up 4.12%, followed by Sumitomo Mitsui Financial Group 8316.T , which gained 3.55%.
The underperformers among the Topix 30 were SoftBank Group, followed by Nidec 6594.T losing 2.24%.
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.