Japan shares edge up as stimulus cheer lifts cyclicals, SoftBank drags

  • Reuters
  • Stock Market News
Japan shares edge up as stimulus cheer lifts cyclicals, SoftBank drags

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.

The Nikkei share average .N225 edged up 0.17% to close at 29,766.97, while the broader Topix .TOPX gained 0.91% to close at 1,968.73,

"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.

Ship builder Mitsui E&S Holdings 7003.T jumped 7.78%, while shipping firms Kawasaki Kisen 9107.T and Nippon Yusen 9101.T rose 7.02% and 4.74%, respectively.

ANA Holdings 9202.T jumped 4.43% and Japan Airlines 9201.T advanced 3.79%.

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%.

Tokyo Electron 8035.T lost 1.56% and Advantest 6857.T fell 1.26%.

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%.

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