TOKYO, Jan 20 (Reuters) - Japan's Nikkei share average
rebounded from a five-month low on Thursday, buoyed by
video-game makers Sony and Nintendo, after China ramped up its
monetary easing measures to shore up a slowing economy by
lowering a set of key policy rates.
The Nikkei was up 0.46% at 27,594.29 by the midday
break. The benchmark survived a sharp mid-morning dip, which
pushed the index to its lowest intraday level since Aug. 23,
after China's surprise interest rate cut initially stoked fears
of an economic slowdown.
With the property downturn seen persisting into 2022 and
fast-spreading Omicron variant dampening consumer activity, many
analysts in China expect more easing measures will be necessary,
despite other major economies appearing set to tighten their
"The Nikkei has dropped to a level where it looks cheap,
tempting investors to come in and buy the dip," said a market
participant at a domestic securities firm.
Video-game maker Konami Holdings rallied 5.26% to
be the biggest percentage gainer in the Nikkei. Sony
added 3.83%, recovering from a nearly 13% slide hit in the
previous session. Nintendo rose 2.35%.
Retailers also gained, with department store operator Isetan
Mitsukoshi Holdings jumping 4.49% while Uniqlo store
operator Fast Retailing advanced 0.99% to be the
Nikkei's biggest gainer by index points.
Among other notable winners were Toyota Motor and
SoftBank Group with a gain of 1.15% and 0.87%,
The broader Topix rose 0.45%. The Topix growth share
index jumped 0.65%, outpacing a 0.27% rise in the value
Japanese chipmakers, however, tracked their U.S. peers
lower, with Tokyo Electron sliding 1.90%, Advantest
dropping 1.57% and Renesas Electronics losing
Shippers were the biggest losers, with Kawasaki Kisen
tumbling 9.48%, Mitsui OSK Lines shedding
8.70% and Nippon Yusen dropping 5.61, making them the
Nikkei's three biggest percentage decliners.
(Reporting by Tokyo markets team; Editing by Sherry