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Japanese shares track Wall Street gains ahead of central bank meetings

12/13/2021 | 01:46am EDT

TOKYO, Dec 13 (Reuters) - Japanese shares closed higher on Monday, catching the tailwind from a bounce on Wall Street, with heavyweight technology stocks leading the gains as investors appeared confident of an economic recovery amid a busy week of central bank meetings.

The Nikkei share average rose 0.71% to close at 28,640.49, its first gain in three sessions. The broader Topix closed 0.13% higher at 1,978.13.

Wall Street's S&P 500 hit a record closing high on Friday, despite a strong consumer price print strengthening the case for tighter monetary policy.

Investors were seemingly confident markets can weather whatever comes from a host of central bank meetings this week, including the likely early end to U.S. policy stimulus. The measured reaction suggested much is already priced in on policy, while some analysts said supply-chain issues behind the price rise were likely easing.

Also meeting are the European Central Bank, the Bank of England and the Bank of Japan, and all are heading toward normalising policy at their own, often glacial, pace.

"Investors got a relief from the positive response of the U.S. stock market to the consumer prices data, which is why the Japanese market advanced today," said Shoichi Arisawa, general manager of the investment research department at IwaiCosmo Securities.

Chip-related Tokyo Electron and Advantest gained 1.37% and 2.37%, respectively, while air-conditioning maker Daikin Industries rose 1.66%.

Orix Corp rose 1.49% after local media reported the financial services group has decided to sell software business Yayoi to U.S. private-equity firm KKR & Co for about 240 billion yen ($2.12 billion).

Tokyo-based lender Shinsei Bank gave up early losses to finish 2.51% higher after online financial group SBI Holdings succeeded in raising its stake in the bank to 47.77% from about 20% previously. Toyota Motor weighed on the Topix the most by losing 2.44% after the automaker expanded production stoppages at some factories in Japan because of a shortage of components shipped from parts plants in Southeast Asia.

(Editing by Sherry Jacob-Phillips)

© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ADVANTEST CORPORATION 0.11% 8720 Delayed Quote.-20.09%
DAIKIN INDUSTRIES, LTD. 0.28% 19780 Delayed Quote.-24.40%
KKR & CO. INC. 2.58% 51.76 Delayed Quote.-30.52%
NIKKEI 225 0.98% 27001.52 Real-time Quote.-7.13%
ORIX CORPORATION 1.99% 2361 Delayed Quote.-1.38%
S&P 500 0.01% 3901.36 Real-time Quote.-18.14%
SBI HOLDINGS, INC. 3.53% 2638 Delayed Quote.-18.72%
SHINSEI BANK, LIMITED 2.95% 2097 Delayed Quote.8.76%
TOKYO ELECTRON LTD 0.53% 58700 Delayed Quote.-11.90%
TOPIX INDEX 0.92% 1894.57 Delayed Quote.-5.77%
TOYOTA INDUSTRIES CORPORATION 1.22% 8310 Delayed Quote.-10.66%
TOYOTA MOTOR CORPORATION 0.66% 2061.5 Delayed Quote.-2.73%
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