CORRECTED-Japan's Topix gains most in 7 months on Nasdaq rebound
(Corrects headline to say index gains most in 7 months)
TOKYO, March 1 (Reuters) - Japan's Topix Index on Monday jumped the most in seven months, as a pause in sell-offs in U.S. treasuries boosted the tech-heavy Nasdaq index and lifted domestic shares of chipmakers.
The Topix Index .TOPX jumped 2.04% to 1,894.94, the largest gain since Aug. 11, 2020, while the the Nikkei share average .N225 advanced 2.41% to 29,663.50, the biggest gain since Dec. 29.
Shares on Monday bounced back following their worst drop in almost a year last week after a spike in global bond yields spooked investors already uneasy about the market's stretched valuation. 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."
Nasdaq index IXIC , composed mainly of tech shares that are sensitive to rising yields, rose 0.56% on Friday after U.S. bond yields peaked, while the Dow Jones Industrial Average .DJI fell 1.5%, and the S&P 500 .SPX edged down 0.48.
Shares of chipamkers jumped in Japan, with Tokyo Electron 8035.T rising 2.09%, Advantest 6857.T adding 4.23% and Screen Holdings 7735.T jumping 3.49%.
Index heavyweight SoftBank Group 9984.T , up 5.46%, was the biggest contributor to Nikkei's gain, followed by Uniqlo clothing store operator Fast Retailing 9983.T , which jumped 2.71%.
Itochu 8001.T jumped 3.91% 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 gainer in the Nikkei index was NTT Data 9613.T , which surged 8.12%, followed by Haseko 1808.T gaining 5.92 % and Nippon Sheet Glass 5202.T up 5.57%.
The largest percentage losers were Sharp Corp 6753.T , which fell 2.83 %, followed by Rakuten 4755.T losing 2.02 % and West Japan Railway Co 9021.T down 0.88%.
There were 206 advancers in the Nikkei index against 17 decliners.
All the 33 sector sub-indexes on the Tokyo exchange traded higher.
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