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    N225   JP9010C00002

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Japan shares inch higher on strong machinery orders, U.S. tech rebound

09/09/2020 | 10:21pm EDT

TOKYO, Sept 10 (Reuters) - Japanese shares edged higher on Thursday as better-than-expected machinery orders data and Wall Street's rebound from a three-day losing streak bolstered investor sentiment.

The benchmark Nikkei share average rose 0.6% to 23,171.66, while the broader Topix gained 0.76% to 1,617.63, both clawing back from a 1-1/2-week low marked in the previous session.

Wall Street's main indexes closed higher overnight as investors jumped back in to take advantage of the pullback in tech-related stocks, a day after the Nasdaq confirmed correction territory.

Japan's technology and semiconductor stocks took cues from U.S. peers and swung higher, with SoftBank Group Corp eking out gains of about 0.8% to snap a five-session run of losses.

Internet service business Rakuten jumped more than 7.5%, while semiconductor manufacturer Screen Holdings rose 2.12%.

Underpinning gains, Japan's core machinery orders, a leading gauge of capital spending, rebounded in July from a sharp fall in the previous month.

Cabinet Office data showed July's core machinery orders grew 6.3%, compared with a 1.9% gain expected by economists in a Reuters poll.

Following the data release, precision motors maker Nidec Corporation rose 2.84% and electrical equipment manufacturer Yaskawa Electric Corporation gained 2.3%.

Factory automation machinery manufacturer Fanuc Corporation , up 3.06%, was the biggest gainer among the top 30 core Topix stocks.

Elsewhere in the market, Nintendo added 1.94% after Bloomberg News reported that the company raised its production goal for gaming console Switch by another 20%. (Reporting by Eimi Yamamitsu; Editing by Devika Syamnath)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
FANUC CORPORATION 0.44% 27165 End-of-day quote.7.12%
NATTY SWANKY CO.,LTD -6.38% 3450 End-of-day quote.40.53%
NIDEC CORPORATION 0.32% 12535 End-of-day quote.-3.43%
NIKKEI 225 -0.51% 29291.01 Real-time Quote.6.26%
RAKUTEN GROUP, INC. 0.38% 1313 End-of-day quote.32.09%
SCREEN HOLDINGS CO., LTD. 1.02% 10910 End-of-day quote.43.55%
SOFTBANK GROUP CORP. -0.17% 8042 End-of-day quote.-0.20%
YASKAWA ELECTRIC CORPORATION 0.19% 5250 End-of-day quote.2.34%
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