Japanese shares rebound from biggest fall in a year after Nasdaq gain

  • Reuters
  • Stock Market News
Japanese shares rebound from biggest fall in a year after Nasdaq gain
Credit: © Reuters.

TOKYO, March 1 (Reuters) - Japanese shares rebounded on Monday from the biggest day's fall in almost a year in the previous session, led by chip and electronics shares, as a pause in the rise in the U.S. bond yields boosted the tech-heavy Nasdaq index .

The Nikkei share average .N225 added 2.31% to 29,635.31 by 0158 GMT, while the broader Topix .TOPX jumped 1.63% to 1,894.94.

"The Nikkei will reclaim the 30,000 level sooner or later depending on how the U.S. bond yields will perform," said Masahiro Ichikawa, chief market strategist at Sumitomo Mitsui DS Asset Management.

"In the first place, the yields rose on expectations for an economic rebound, which is not a bad news for the stock market."


Yields on U.S. 10-year notes US10YT=TWEB came off to 1.40%, from last week's peak of 1.61%. MKTS/GLOB .

The fall in the yields boosted the Nasdaq index by 0.56% on Friday, while the Dow Jones Industrial Average .DJI fell 1.5%, and the S&P 500 .SPX edged down 0.48.

Chip related shares jumped in Japan, with Tokyo Electron 8035.T rising 3.28%, Advantest 6857.T adding 4.8% and Screen Holdings 7735.T jumping 4.7%.

Index heavy weight SoftBank Group 9984.T , up 5.31%, was the biggest contributor to the Nikkei's gain, followed by Uniqlo clothing store operator Fast Retailing 9983.T , which jumped 2.43%.

Itochu 8001.T jumped 2.59% after Warren Buffet's Berkshire Hathaway (NYSE: BRKa ) disclosed a holding of a 5.1% stake in the trading house as of Dec. 31. largest percentage gainers in the Nikkei index were NTT Data Corp 9613.T , rising 5.97%, followed by Trend Micro 4704.T gaining 5.47 % and SoftBank Group.

The largest percentage losses in the index were Sharp 6753.T , losing 3.38 %, followed by Mitsui OSK Lines 9104.T with a 2.08% decline and J.Front Retailing 3086.T falling 1.57 %.

There were 173 advancers on the Nikkei index against 46 decliners

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