TOKYO, Nov 7 (Reuters) - Japanese shares rose on Monday,
underpinned by gains on Wall Street in the previous session, as
investors scooped up stocks with a positive outlook in the
middle of earnings season.
The Nikkei rose 1.21% to 27,528.66 by the midday
break, while the broader Topix gained 1.02% to 1,934.90.
"Investors continued to look for shares with robust
earnings," Nomura Securities strategist Maki Sawada said at a
"Going forward, investors will be cautious ahead of
closely-eyed U.S. comsumer price data which is due later this
Wall Street closed higher on Friday in volatile trading to
snap a four-session losing streak, as investors wrestled with a
mixed jobs report and comments from Federal Reserve officials on
the pace of interest rate hikes.
Investors await a major event on Thursday when U.S. consumer
prices for October are released, with any upside surprise set to
test hopes for a step down in Fed hikes.
In Japan, JFE Holdings jumped 6.45% after Japan's
No.2 steelmaker raised its annual profit outlook.
Peers Nippon Steel and Kobe Steel rose
3.43% and 3.24%, respectively, lifting the steelmaker index
by 3.38% to make it the top gainer among the 33
industry sub-indexes on the Tokyo Stock Exchange.
Sanrio surged 13.92% after the owner of the Hello
Kitty brand raised its annual outlook.
Heavyweights rose, with chip making equipment maker Tokyo
Electron rising 3.58%, providing the biggest boost to
the Nikkei. Uniqlo clothing store owner Fast Retailing
rose 1.36%, while technology investor SoftBank Group
On the other hand, office equipment maker Ricoh
tanked 6.95% after cutting its annual profit outlook and Sharp
fell 3.6% after the smartphone maker made a similar
(Reporting by Junko Fujita; Editing by Rashmi Aich)