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 jumped 2.04% to 1,894.94, the
largest gain since Aug. 11, 2020, while the the Nikkei share
average 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
"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
"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, 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
fell 1.5%, and the S&P 500 edged down 0.48.
Shares of chipamkers jumped in Japan, with Tokyo Electron
rising 2.09%, Advantest adding 4.23% and
Screen Holdings jumping 3.49%.
Index heavyweight SoftBank Group, up 5.46%, was
the biggest contributor to Nikkei's gain, followed by Uniqlo
clothing store operator Fast Retailing, which jumped
Itochu jumped 3.91% after Warren Buffet's Berkshire
Hathaway disclosed a holding of a 5.1% stake in the trading
house, as of Dec. 31.
The largest percentage gainer in the Nikkei index was NTT
Data, which surged 8.12%, followed by Haseko
gaining 5.92 % and Nippon Sheet Glass up 5.57%.
The largest percentage losers were Sharp Corp,
which fell 2.83 %, followed by Rakuten losing 2.02 %
and West Japan Railway Co down 0.88%.
There were 206 advancers in the Nikkei index against 17
All the 33 sector sub-indexes on the Tokyo exchange traded
(Reporting by Junko Fujita, Editing by Sherry Jacob-Phillips)