TOKYO, May 10 (Reuters) - Japanese shares gained on Monday, as a strong finish last week on Wall Street boosted risk appetite, while local investors looked to corporate earnings from automakers and other major firms for signs of progress in a pandemic-hit economy.
The yield on benchmark 10-year Treasury notes US10YT=RR plunged to a two-month low of 1.4690% on Friday. US/
"The U.S. market gained on speculation that low interest rates will continue for a prolonged period of time, and that also lifted Japanese market on Monday," Masahiro Ichikawa, chief market strategist at Sumitomo Mitsui DS Asset Management said.
"On the other hand, investors are waiting to confirm the outlook of major firms, particularly they want to see the impact of chip shortage on automakers."
Toyota gained 1.7%, while Nissan jumped 4.39%. SoftBank Group rose 1.7%.
Shipping firm Nippon Yusen 9101.T fell 3.18% after its annual operating profit forecast missed analysts' expectations. Sea transport sector .ISHIP.T lost 3.24%, making it the biggest loser among the 33 sector sub-indexes.
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