Japan shares edge up as stimulus cheer lifts cyclicals, SoftBank drags

TOKYO, March 15 (Reuters) - Japanese shares inched higher on
Monday as optimism around the passage of a massive U.S. stimulus
package boosted cyclical stocks, although declines in SoftBank
Group and other tech companies limited gains.
The Nikkei share average .N225 edged up 0.17% to close at
29,766.97, while the broader Topix .TOPX gained 0.91% to close
at 1,968.73,
"Today's 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 .DJI rose to its fifth
consecutive record high on Friday as the U.S. House of
Representatives gave final approval to the $1.9 trillion
COVID-19 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 E&S Holdings 7003.T jumped 7.78%,
while shipping firms Kawasaki Kisen 9107.T and Nippon Yusen
9101.T rose 7.02% and 4.74%, respectively.
ANA Holdings 9202.T jumped 4.43% and Japan Airlines
9201.T advanced 3.79%.
E-commerce firm Rakuten 4755.T surged 24% after announcing
a capital tie-up with postal giant Japan Post Holdings 6178.T ,
making it the biggest gainer in the Nikkei. Japan Post gained
2.49%. Japan's tech shares fell tracking Nasdaq's decline on
Friday, with Nikkei heavyweight SoftBank Group 9984.T down
2.49%.
Tokyo Electron 8035.T lost 1.56% and Advantest 6857.T
fell 1.26%.
Amid rising U.S. bond yields, Japan's largest banks gained
the most among the top 30 core Topix names, with Mitsubishi UFJ
Financial Group 8306.T up 4.12%, followed by Sumitomo Mitsui
Financial Group 8316.T , which gained 3.55%.
The underperformers among the Topix 30 were SoftBank Group,
followed by Nidec 6594.T losing 2.24%.