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Japanese shares track Wall Street higher, gains capped as investors await Fed's statement

06/13/2021 | 10:48pm EDT

TOKYO, June 14 (Reuters) - Japanese shares rose on Monday led by tyre makers and shippers, following the weekend's solid finish on Wall Street, though gains were capped as investors remained cautions ahead of the U.S. Federal Reserve's meeting this week.

The Nikkei share average gained 0.37% to 29,055.20 by 0203 GMT, after trimming gains of as much as 0.9% earlier in the session. The broader Topix rose 0.19% to 1,957.89.

"We do not have any market-moving catalysts in Japan and most of the markets in Asia are closed. Investors tend to book profits in such an environment," said Masahiro Ichikawa, chief market strategist at Sumitomo Mitsui DS Asset Management.

"Investors are also cautious for making active bets ahead of the Fed's meeting later this week."

U.S. stocks closed modestly higher on Friday, with the S&P 500 hitting a record high closing, while the Nasdaq gained the most among three major indexes.

Japanese investors are now eyeing the Fed's statement at the conclusion of this week's two-day monetary policy meeting, which will be parsed for clues regarding the central bank's timetable for raising key interest rates.

Tyre makers were the top gainers among the 33 industry subindexes, with Bridgestone up 1.32%, Yokohama Rubber jumping 2.32% and Toyo Tire advancing 2.74%.

Shipping firms Nippon Yusen rose 1.72% and Mitsui OSK Lines gained 1.12%.

The interest-sensitive banking sector fell after U.S. Treasury yields posted their biggest weekly drop in nearly a year last week. Sumitomo Mitsui Financial Group fell 0.2% and Mizuho Financial Group lost 0.77%.

Toshiba jumped 2.91% after the conglomerate, which is facing a deepening crisis over corporate governance, said it would change its board director nominees for an upcoming shareholders meeting.

Fanuc, up 2.71 %, was the top gainer among the top 30 core Topix names, followed by Daiichi Sankyo, which gained 1.71%.

The underperformers among the Topix 30 were Nintendo , down 2.96%, followed by Itochu losing 2.59%. (Reporting by Junko Fujita; Editing by Shailesh Kuber)

© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BRIDGESTONE CORPORATION 0.13% 5322 End-of-day quote.57.27%
DAIICHI SANKYO COMPANY, LIMITED 1.28% 2804.5 End-of-day quote.-20.66%
FANUC CORPORATION 1.27% 26630 End-of-day quote.5.01%
ITOCHU CORPORATION 0.25% 3556 End-of-day quote.19.97%
MITSUI O.S.K. LINES, LTD. 3.15% 9500 End-of-day quote.201.59%
MIZUHO FINANCIAL GROUP, INC. 0.77% 1626 End-of-day quote.24.36%
NIKKEI 225 0.58% 30500.05 Real-time Quote.11.13%
NINTENDO CO., LTD. 1.85% 53470 End-of-day quote.-18.78%
NIPPON YUSEN KABUSHIKI KAISHA 2.88% 10350 End-of-day quote.330.89%
S&P 500 -0.91% 4432.99 Delayed Quote.19.11%
SANKYO CO., LTD. 0.18% 2835 End-of-day quote.1.61%
SUMITOMO MITSUI FINANCIAL GROUP, INC. 0.33% 3971 End-of-day quote.24.56%
THE YOKOHAMA RUBBER CO., LTD. 0.25% 2016 End-of-day quote.31.42%
TOSHIBA CORPORATION 0.00% 4720 End-of-day quote.63.60%
TOYO CORPORATION -0.31% 1298 End-of-day quote.11.32%
TOYO TIRE CORPORATION 0.10% 2019 End-of-day quote.28.76%
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