By Stanley White
TOKYO, Sept 29 (Reuters) - Japanese shares closed at a seven-month high on Tuesday, tracking U.S. stocks that rose overnight after investors sought to buy beaten-down names after a sharp sell-off last week, with eyes on the Trump-Biden presidential debate.
Japanese stocks had opened lower after telecom major NTT 9432.T said it was eyeing a bid to take complete ownership of its mobile unit NTT Docomo 9437.T in a tender offer that could be worth around 4 trillion yen ($38 billion). potential deal hit shares of NTT and rival mobile carriers, but investors started to buy shares of other companies in the communications sector, which helped the broader market turn around.
The focus is now on the first debate in the U.S. presidential election between Republican incumbent Donald Trump and Democratic challenger Joe Biden later in the day.
"There is some cautious optimism about the U.S. economy, but the biggest question that equities face is who emerges with the advantage from the presidential debate," said Kiyoshi Ishigane, chief fund manager at Mitsubishi UFJ Kokusai Asset Management.
NTT's shares fell 2.58% due to worries about the cost of the acquisition.
There were 61 advancers on the Nikkei index against 160 decliners.
The volume of shares traded on the Tokyo Stock Exchange's main board .TOPX was 1.14 billion, matching the average over the past 30 days.
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