Japan shares hit over 3-month high on hopes of economic recovery boosting corporate results

By Stanley White
TOKYO, June 2 (Reuters) - Japanese shares hit a more than
three-month high on Tuesday, as hopes for global economic
recovery with more countries gradually reopening after
coronavirus-related lockdowns bolstered expectations for
corporate earnings.
The Nikkei index .N225 rose 0.91% to 22,263.43 by 0200
GMT, its highest level since Feb. 26, with industrial and
telecommunication shares leading the advance as investors bet on
a rebound in activity both domestically and overseas.
Japanese stocks also got a boost from overnight Wall Street
gains, after data showed U.S. manufacturing recovered from an
11-year low, offering more signs that the global economy is at
last starting to steady since the coronavirus outbreak.

The Nikkei has rallied around 36% from its low of March 16
as coronavirus infections in Japan slowly fell, prompting the
officials to remove lockdown restrictions and allow more
retailers to resume operations.
However, some investors remain cautious due to uncertainty
caused by mass protests in the United States against police
brutality and diplomatic tension between Washington and Beijing
over civil liberties in Hong Kong.
There were 202 advancers on the Nikkei index against 19
decliners on Tuesday.
The largest percentage gainers in the index were industrial
machinery maker IHI Corp 7013.T up 6.59%, followed by
shipbuilder Mitsui E&S Holdings Co Ltd 7003.T gaining 5.23%,
and auto parts maker NTN Corp 6472.T up by 4.91%.
The largest percentage losers were drugs maker Daiichi
Sankyo Co Ltd 4568.T down 3.4 %, followed by shipbuilder
Hitachi Zosen Corp 7004.T losing 1.73%, and processed food
maker Nichirei Corp 2871.T down by 1.49%.
The broader TOPIX index .TOPX rose 1.07% to 1,585.61.
The volume of shares traded on the Tokyo Stock Exchange's
main board .TOPX was 0.53 billion, compared to the average of
1.38 billion in the past 30 days.