Japanese shares rise on Wall Street rebound, corporate earnings

  • Reuters
  • Stock Market News
Japanese shares rise on Wall Street rebound, corporate earnings
Credit: © Reuters.

By Stanley White

TOKYO, May 14 (Reuters) - Japanese stocks reclaimed lost ground on Friday after three consecutive days of losses, as a rebound in Wall Street and positive corporate earnings lured buyers back to the markets.

The Nikkei 225 Index .N225 was up 1.43% at 27,840.27, as of 0200 GMT, while the broader Topix .TOPX rose 1.36% to 1,874.12.

For the week, the Nikkei was on course for a 5.2% decline, which would be its biggest loss since the week ended April 3.

Technology shares led the advance as investors hunted for bargains following a global sell-off in the sector.

However, worries about Japan's slow COVID-19 vaccine rollout and further restrictions on business activity could limit gains in equities.

"Japanese shares are trying to chase the U.S. market higher, but the economic outlook for both countries is diverging, so Japanese shares will not be able to keep up," said Ayako Sera, a market strategist at Sumitomo Mitsui Trust Bank.

"Japan's vaccination rate is behind the United States, so its economy recovery will also lag behind."

The largest percentage gainer in the Nikkei index was Isuzu Motors Ltd 7202.T , which surged by 23.83% after issuing bullish profit forecasts for the current fiscal year.

IHI Corp 7013.T gained 13.13% after the industrial equipment maker said it expects this fiscal year's operating profit to more than double.

Citizen Watch Co Ltd 7762.T also rose 11.26% as investors cheered the company's latest earnings.

The largest percentage losses in the index were Nippon Sheet Glass Co Ltd 5202.T , down 15.86%, followed by Toho Zinc Co Ltd 5707.T losing 7.92%, and Casio Computer Co Ltd 6952.T down by 7.19%.

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