TOKYO, March 29 (Reuters) - Japanese shares closed higher on Monday on optimism around domestic corporate earnings and an economic recovery in the U.S., although concerns about a potential $2 billion loss flagged by brokerage Nomura Holdings limited gains.
Shares of Japan's largest brokerage Nomura Holdings 8604.T tumbled 16.33%, their biggest percentage fall since November 2011, after the company warned of the possible loss at a U.S. subsidiary. were concerned there will be more financial institutions that could be hurt by similar losses and that impacted investor appetite," said Hideyuki Ishiguro, senior strategist, Daiwa Securities.
Worsening sentiment, Credit Suisse CSGN.S also said its first-quarter results could suffer a material impact after the bank started exiting positions after a U.S.-based hedge fund defaulted on the margin calls it made. slump weighed on Topix the most, with Mitsubishi UFJ Financial Group 8306.T , down 1.84%, and Sumitomo Mitsui Financial Group 8316.T , down 1.07%, also pressuring the index.
"Investors are buying companies, particularly manufacturers that would benefit from the recovery of the global economy, and whose earnings are set to rise in the coming years," said Shigetoshi Kamada, general manager for the research department of Tachibana Securities.
Nikkei heavyweight Fast Retailing 9983.T , an operator of the Uniqlo brand clothing shops, rose 0.86%.
Nikkei heavyweight SoftBank Group 9984.T , down 1.71%, was one of the worst performers among the top 30 Topix names.
There were 120 advancers on the Nikkei index against 100 decliners.
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