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Japane Shares Track Wall St Higher as Stable U.S. Rates Boost Sentiment

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TOKYO, May 21 Reuters Japanese shares gained on Friday, as a strong finish on the Wall Street overnight prompted investors to bet on cheap growth stocks, while stable U.S. interest rates also underpinned sentiment.

The Nikkei share average rose 0.36 to 28,198.37 by 0216 GMT, while the broader Topix edged up 0.15 to 1,898.77.

Nikkei, which has been under pressure on concerns over slow economic recovery from the COVID19 lows due to Japans stagnated vaccine rollouts, briefly fell by 10 from a peak hit in February earlier in the session.

Investors have started feeing comfortable with making bets as share prices have become relatively cheap, said Jun Morita, general manager of the research department at Chibagin Asset Management.

And an overnight gain in the Nasdaq and stable U.S. interest rates also boosted sentiment.

Fast Retailing, known for its Uniqlo clothing brand, gained 0.77, while chip making equipment maker Tokyo Electron rose 0.57. Medical equipment maker Olympus jumped 2.3.

Wall Streets main indexes rebounded after a threeday slide, buoyed by gains in technology stocks, while the yield on benchmark 10year Treasury notes fell after factory activity in the U.S. midAtlantic region slowed in May.

CyberAgent, up 3.65, was the largest percentage gainer in the Nikkei, followed by Recruit Holdings gaining and Toppan Printing, jumping 3.31 and 3.27, respectively.

Showa Denko, down 3.12 , was the biggest loser on the index, followed by Inpex, and DOWA Holdings…

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