* Nikkei, Topix at 13-mth high
* Despite uncertainties, U.S.-China tariffs rollback hopes
* Toyota hits 4-yr high as cyclicals gain
* Shiseido, Rakuten, Mercari down on earnings
By Hideyuki Sano
TOKYO, Nov 8 (Reuters) - Japan's benchmark stock index
rallied to a 13-month high on Friday on growing optimism for the
economy, before paring part of those gains due to conflicting
reports on how much progress has been made in U.S.-China trade
negotiations.
The Nikkei average .N225 was up 0.26% at 23,391.87, after
climbing to as high as 23,591.09 - the highest point since Oct.
10 of last year. For the week, the index logged a 2.37% gain for
its fifth consecutive weekly rise.
The broader Topix .TOPX advanced 0.27% to 1,702.77, its
highest in more than a year, with trade turnover reaching 3.12
trillion yen ($28.6 billion), 47% above the average over the
past three months.
The Chinese commerce ministry said on Thursday that the two
countries had agreed to cancel the tariffs in phases, which was
confirmed by a U.S. official, who spoke on condition of
anonymity. Although the plan appears to have met opposition from some
advisers to U.S. President Donald Trump and there is no clarity
on when and where the deal will be signed, investors have so far
bet that a deal will come through in the end.
"If you think corporate earnings will recover from here, you
can expect further rise in share prices. Investors are now
starting to expect such a scenario, which you can tell from the
fact that cyclicals such as financials and energy shares are
doing well," said Takuya Hozumi, global investment strategist at
Mitsubishi UFJ Morgan Stanley.
Carmakers .ITEQP.T and steelmakers .ISTEL.T rose 1.4%,
and banks .IBNKS.T gained 0.9%.
Toyota 7203.T rose 2.2% to four-year highs, helped by its
release of a share buyback plan and estimates-beating quarterly
results. Terumo 4543.T rose 13.4% to record highs after the medical
equipment maker posted strong earnings in the three months to
September.
Isetan Mitsukoshi 3099.T jumped 11.7% after the department
store operator posted upbeat quarterly earnings and announced a
share buyback.
Kirin Holdings 2503.T gained 9.6% after the beer and
beverage maker announce a buy-back totalling up to 6.8% of its
shares.
On the other hand, Shiseido 4911.T shed 8.3% after the
cosmetics maker cut its outlook on poor sales in South Korea and
Hong Kong.
Rakuten 4755.T dropped 4.5% as its quarterly operating
profit was almost wiped out in the three months ended September
as investment in its e-commerce and mobile units weighed on
profits, with the value of its bet on ride-hailing firm Lyft
also sliding. Mercari 4385.T lost 18.9% after the internet shopping
service operator's earnings underwhelmed investors.
($1 = 109.2600 yen)