TOKYO, April 28 (Reuters) - Japanese shares rose on
Wednesday, led by technology stocks, although gains were capped
by concerns about corporate outlook, while investors awaited a
decision by the U.S. Federal Reserve and President Joe Biden's
address to Congress.
The Nikkei share average inched up 0.29% to
29,075.62 by 0208 GMT, while the broader Topix edged up
0.34% to 1,910.27.
"There is a growing concern among investors that corporate
outlook may not meet their high expectations. That has been
proven by recent fall in shares of some renowned companies which
flagged strong outlook," said Shoichi Arisawa, general manager
of the investment research department at IwaiCosmo Securities.
"It is hard for investors to make any move today ahead of
several significant events in Japan and the United States."
Japan is in the middle of the corporate earnings season,
with Sony Group, Shin-Etsu Chemical, TDK
being among major firms reporting their outlook after
the market closes on Wednesday.
So far, a slew of companies, including Nidec and
Canon, have failed to impress investors despite
relatively strong earnings.
Technology firms such as robot maker Fanuc jumped
2.48%, while chip-making equipment maker Tokyo Electron
Nomura Holdings rose 1.78% after Japan's largest
brokerage said it would book $2.9 billion worth of pain from the
collapse of U.S. investment fund Archegos.
Fuji Electric gained 10.92%, making it the biggest
percentage gainer on the Nikkei, followed by Fujikura
gaining 5.58% and Tokyu Fudosan Holdings, which rose
The largest percentage loser on the index was Tokuyama
, down 7.95%, followed by Kyocera losing 5.76%
and Nippon Yusen, which fell 3.59 %.
The volume of shares traded on the Tokyo Stock Exchange's
main board was 0.49 billion, compared with the average
of 1.21 billion in the past 30 days.
(Reporting by Junko Fujita; editing by Uttaresh.V)