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Japanese Shares Gain on Economic Rebound Hopes

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TOKYO, March 15 Reuters Japanese shares rose on Monday as optimism around the passage of a massive U.S. stimulus package boosted cyclical shares, although declines in tech stocks weighed on the benchmark.

The Nikkei share average edged up 0.3 to 29,806.41 by 0219 GMT, while the broader Topix rose 0.66 to 1,963.81

Todays market in Japan is a reflection of the U.S. market on Friday, said Shoichi Arisawa, general manager of the investment research department at IwaiCosmo Securities.

The Dow Jones Industrial Average rose to its fifth consecutive record high on Friday as the U.S. House of Representatives gave final approval to the 1.9 trillion COVID19 relief bill.

Investors are buying cyclical shares that would benefit from a recovery of the U.S. economy, which would be accelerated by the huge economic package that was approved, Arisawa said.

Japanese transport and materials stocks advanced.

Ship builder Mitsui ES Holdings surged 7.22, while shipping firms Kawasaki Kisen and Nippon Yusen rose 3.96 and 4.31, respectively.

Steel maker JFE Holdings jumped 3.39 and industrial conglomerate Kawasaki Heavy Industries gained 3.96.

Ecommerce firm Rakuten surged 18 after announcing a capital tieup with postal giant Japan Post Holdings, making it the biggest gainer in the Nikkei. Japan Post gained 1.71.

Nikkei heavyweight SoftBank Group, down 1.36, and other tech shares fell, following Nasdaqs decline on Friday.

Tokyo Electron lost 0.78 and Advantest fell 0.8.

The stocks…

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