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Japan stocks track Wall Street's solid finish to close week higher

06/25/2021 | 02:38am EDT

TOKYO, June 25 (Reuters) - Japanese shares closed higher on Friday, as cyclicals and technology stocks tracked a strong finish on Wall Street, although the gains were capped by concerns over the country's economic recovery and amid a cautious outlook of U.S. equities.

The Nikkei share average rose 0.66% to close at 29,066.18, while the broader Topix advanced 0.80% to 1,962.65.

For the week, the Nikkei gained 0.35% to climb just above the 29,000-mark, which market participants said has become a psychological barrier as Japan's outlook of an economic recovery remains uncertain.

The Nasdaq and the S&P 500 closed at record highs overnight, while the Dow jumped almost 1% after U.S. President Joe Biden embraced a bipartisan Senate infrastructure deal.

"Today's (Friday) market is tracking Wall Street's strong gains. But investors, particularly in Japan, are getting wary of U.S. markets taking a pause anytime soon," Shoichi Arisawa, general manager of the investment research department at IwaiCosmo Securities said.

"Prospects of an economic recovery in Japan are getting unclear as the number of new COVID-19 infections is on the rise again, and the pandemic could worsen as the country plans to conduct the Olympics."

Cyclical shares rose, with oil and coal developers and steel makers leading the Tokyo Stock Exchange's 33 sector sub-indexes.

Technology stocks also advanced, with Tokyo Electron rising 0.7%, Advantest jumping 1.5%, Fanuc gaining 1.66%.

Shares of Panasonic jumped 4.93% as a filing made by the conglomerate showed it had sold its entire stake in Tesla last fiscal year.

Crisis-ridden Toshiba ended 0.62% lower after rising up to 1.4% as shareholders voted out its board chairman and another director at its annual general meeting.

Mazda Motor Corp, up 8.7%, gained the most on the Nikkei, followed by Kobe Steel rising 4.8%.

Eisai, down 3.96%, was the biggest loser, followed by Mitsui OSK Lines losing 1.34 % and CyberAgent I down 1.29%.

(Reporting by Junko Fujita; Editing by Uttaresh.V and Sherry Jacob-Phillips)

ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ADVANTEST CORPORATION 2.44% 11350 End-of-day quote.46.83%
CYBERAGENT, INC. 2.14% 2241 End-of-day quote.26.08%
EISAI CO., LTD. 1.28% 8450 End-of-day quote.14.62%
FANUC CORPORATION 1.27% 26630 End-of-day quote.5.01%
KOBE STEEL, LTD. -3.79% 710 End-of-day quote.28.86%
MAZDA MOTOR CORPORATION 0.10% 958 End-of-day quote.38.44%
MITSUI O.S.K. LINES, LTD. 3.15% 9500 End-of-day quote.201.59%
PANASONIC CORPORATION -1.26% 1413 End-of-day quote.18.69%
TESLA, INC. 0.33% 759.49 Delayed Quote.7.63%
TOKYO ELECTRON LIMITED 1.24% 55430 End-of-day quote.44.35%
TOSHIBA CORPORATION 0.00% 4720 End-of-day quote.63.60%
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