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Japanese shares jump on tech boost, set to post weekly gain of over 2%

10/14/2021 | 10:35pm EST

TOKYO, Oct 15 (Reuters) - Japanese shares rose on Friday, and were set to end the week up more than 2%, after Wall Street's overnight gains helped boost technology heavyweights as the earnings season is set to kick off.

However, Uniqlo owner Fast Retailing was the biggest drag on the Nikkei, falling 0.5%, after the company posted a weaker-than-expected profit forecast.

The Nikkei share average was up 1.05% at 28,851.70 by 0154 GMT, and the broader Topix gained 1.17% at 2,010.22.

Both the Nikkei and the Topix are set to post first weekly gains after three straight weeks of losses, rising 2.9% and 2.48%, respectively.

"Gains in high-tech shares gave big energy to the market today. They rose because of a robust corporate outlook of overseas firms," said Shigetoshi Kamada, general manager at the research department at Tachibana Securities.

"Many Japanese companies are also expected to raise their forecast for this year. That is going to be a tailwind for the market."

Wall Street advanced, with the S&P 500 posting its biggest daily percentage advance since early March, following strong earnings of companies including Morgan Stanley and UnitedHealth.

In Japan, chip making equipment maker Tokyo Electron contributed to the Nikkei the most, rising 1.8%. Robot maker Fanuc jumped 4.18%.

Audio and game maker Sony Group and electronic-sensor maker Keyence lifted the Topix by rising 1.59% and 2.74%, respectively.

Can Do, a popular chain that sells household goods for 100 yen, was untraded on a glut of buy orders after retail group Aeon announced a takeover bid.

A decliner was department store operator Takashimaya , down 3.57%, after it cut its net profit forecast for this fiscal year.

(Reporting by Junko Fujita; Editing by Amy Caren Daniel)

© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AEON CO., LTD. -0.97% 2701.5 End-of-day quote.-20.19%
CAN DO CO., LTD. -0.35% 2302 End-of-day quote.21.48%
FANUC CORPORATION -2.68% 23035 End-of-day quote.-9.17%
FAST RETAILING CO., LTD. -3.29% 71630 End-of-day quote.-22.54%
KEYENCE CORPORATION -1.65% 70940 End-of-day quote.22.31%
SONY GROUP CORPORATION -1.93% 13985 End-of-day quote.35.97%
TAKASHIMAYA COMPANY, LIMITED -3.59% 1048 End-of-day quote.18.42%
TOKYO ELECTRON LIMITED -2.31% 60840 End-of-day quote.58.44%
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