TOKYO, Nov 16 (Reuters) - Japanese shares ended slightly
higher on Tuesday, erasing most of early gains due to lack of
any major market moving cues, but gains in companies with upbeat
outlook underpinned the overall sentiment.
The Nikkei share average gained 0.11% to close at
29,808.12, after having gained as much as 0.6%. The broader
Topix also edged up 0.11% to 2,050.83.
"Shares moved earlier in the session due to expectation for
the talks between the U.S. and China but otherwise it was hard
to find reasons for trading today," said Shigetoshi Kamada,
general manager at the research department at Tachibana
"But the market was lifted by gains of chip-related shares
and auto stocks whose outlook is as not as investors had
Throughout the session, investors kept an eye on a key
meeting between U.S. President Joe Biden and Chinese leader Xi
Both Nikkei and Topix rose after a report from Chinese state
media said that China's President Xi Jinping told U.S. President
Biden at a virtual meeting that the two countries should
strengthen communication and co-exist peacefully.
Automaker Subaru jumped 5.22% after JPMorgan
Securities raised its rating and a target share price.
Toyota Motor gained 1.88% as the automaker said
last week it began making up for production lost from supply
shortages in December to keep its plan of producing 9 million
vehicles worldwide during the financial year.
Chip-related Tokyo Electron and Murata
Manufacturing rose 1.39% and 1.82%, respectively.
Insurers climbed as U.S. Treasury yields gained, with T&D
Holdings rising 2.57% and Dai-ichi Life Holdings
Staffing agency Recruit Holdings, which has built
footsteps in the U.S. through employment site Indeed, fell 3.31%
even after posting a jump in half-year profit.
(Editing by Rashmi Aich)