TOKYO, Nov 4 (Reuters) - Japanese shares ended higher on
Thursday, tracking cues from a Wall Street rally after the U.S.
Federal Reserve unveiled plans to trim bond purchases, though a
plunge in shipping firm Kawasaki Kisen despite a record
quarterly profit capped gains.
The Nikkei share average climbed 0.93% higher to
close at 29,794.37, while the broader Topix jumped 1.18%
Major indexes in the Wall Street marked closing record highs
overnight after the U.S. central bank announced plans to begin
tapering its bond purchases, while it said it would not rush to
raise interest rates.
"The market tracked the gains in Wall Street, but the rally
took a pause before the Nikkei got closer to 30,000," said
Shoichi Arisawa, general manager of the investment research
department at IwaiCosmo Securities.
"Investors became cautious about market reactions to
earnings results because even if some companies showed a
positive outcome, shares could fall just because market
expectations were too high."
Shares in Nippon Yusen and Kawasaki Kisen
tumbled even as Japan's biggest and third-biggest shipping
companies by sales, respectively, delivered record quarterly
profit as they benefited from higher freight rates amid the
chaos hitting global supply chains
Nippon Yusen tumbled 8.11% despite its estimate-beating
The heavy losses led the shipping sector to fall
6.25% to make it the worst performer among the 33 industry
sub-indexes on the Tokyo Stock Exchange.
Toyota Motor gained 0.73% after the automaker
reported a better-than-expected 48% rise in second-quarter
operating profit and raised its earnings outlook as it benefited
from a rebound in vehicle demand and a weaker yen.
Fujifilm Holdings jumped 4.79% after the medical
equipment maker raised its annual net profit outlook.
Shares of Nippon Steel rose 1.71% after Japan's top
steelmaker lifted its annual net profit outlook by 41%.
Konica Minolta shares tanked 8.57% after the office
equipment maker cut its annual profit forecast.
(Editing by Sherry Jacob-Phillips)