TOKYO, Sept 24 (Reuters) - Japanese shares rose on Friday as
investors scooped up cyclical stocks on hopes fallout from China
Evergrande's debt woes and the prospects of tapering
by the U.S. Federal Reserve will not derail global economic
Nikkei share average was up 1.95% at 30,219.55, as
of 0130 GMT, recovering from much of the losses it suffered
earlier this week on worries about property developer
Evergrande's debt crisis. The broader Topix rose 2.06%
The gains were in part a catch-up to the rallies in global
shares on Thursday when Japanese markets were closed for
autumnal equinox holiday.
"It's like the fog has cleared up for markets after the
Fed's meeting and Evergrande's coupon payment," Yuya Fukue, a
trader at Rheos Capital Works said.
Evergrande's payment obligations have captured global
attention in recent weeks as fears have spread that its
difficulties could pose systemic risks to China's financial
system and possibly to other markets.
The developer was expected to provide more clarity in the
coming month, even though its dollar bondholders were still
waiting for information about a key interest payment due on
In a sign of strong sentiment, shippers, known
for high price volatility and already sitting on a gain of more
than 90% so far this quarter, led the gains with rise of 6.4% to
a 13-year high on the back of robust shipping market.
Kawasaki Kisen soared 7.8% while Nippon Yusen
gained 6.9% and Mitsui OSK Lines added 6.4%.
Financials also gained on hopes of higher interest income,
after U.S. bond yields rose following hints from the U.S. Fed
that it will soon begin tapering its bond purchases.
Insurers rose 2.95%, with Dai-ichi Life
up 3.9% and T&D Holdings gaining 3.7%.
Banks also came close with 2.85% gains while MUFG
rose 3.6% and SMFG advanced 2.8%.
Elsewhere, Sony rose as much as 4.0% to a 21-year
high, while Simplex, a system developer that was listed
on Wednesday, dropped 6.3%.
(Reporting by Hideyuki Sano; Editing by Sherry Jacob-Phillips)