TOKYO, July 12 (Reuters) - Japanese shares rebounded on
Monday, led by cyclical stocks on renewed hopes of a swift
global economic recovery, while industry bellwether Yaskawa
Electric jumped after raising its annual profit forecast.
The Nikkei share average climbed 2.25% to close at
28,569.02, while the broader Topix advanced 2.14%
Both the indexes gained the most in three weeks, bouncing
back after three straight sessions of falls to a near eight-week
low on Friday.
Japanese equities tracked Wall Street's strong finish on
Friday. The three major U.S. stock indexes rallied to record
closing highs at the end of last week, led by financials and
other economically focused sectors.
The U.S. market was led higher on Friday by economically
sensitive value stocks and that worked favourably for the
Japanese market, which has many value shares linked to the
global economy, said Kentaro Hayashi, a senior strategist at
"And Yaskawa Electric's strong earnings and an upward
revision of outlook have given a positive surprise to the
market," he said.
Shares of Yaskawa Electric, a robot maker seen as a
leading indicator on Japanese manufacturers' earnings trend,
jumped 6.47% after the company raised its annual operating
profit forecast by 29%. Peer Fanuc climbed 6.6%.
Makers of industrial machinery, housing instruments and
electric machineries led the
rebound after Japan's machinery orders rose for a third straight
month in May.
Fanuc was the top gainer on the Nikkei, followed by Yaskawa
and materials maker Showa Denko, which rose 5.66%.
Kawasaki Kisen Kaisha was the worst performer on
the index with a drop of 2.74%, followed by Eisai,
which lost 1.54%, and Nippon Yusen, down 1.31 %.
($1 = 110.1400 yen)
(Reporting by Junko Fujita; Editing by Subhranshu Sahu)