TOKYO, May 10 (Reuters) - Japanese shares gained on Monday,
as a strong finish last week on Wall Street boosted risk
appetite, while local investors looked to corporate earnings
from automakers and other major firms for signs of progress in a
pandemic-hit economy.
The Nikkei share average .N225 rose 0.55% to close at
29,518.34, while the broader Topix .TOPX jumped 0.99% to
1,952.27.
The Dow and the S&P 500 hit record closing highs on Friday
after unexpectedly slow growth in the U.S. jobs market eased
concerns over prospects for rising rates. .N
The yield on benchmark 10-year Treasury notes US10YT=RR
plunged to a two-month low of 1.4690% on Friday. US/
"The U.S. market gained on speculation that low interest
rates will continue for a prolonged period of time, and that
also lifted Japanese market on Monday," Masahiro Ichikawa, chief
market strategist at Sumitomo Mitsui DS Asset Management said.
"On the other hand, investors are waiting to confirm the
outlook of major firms, particularly they want to see the impact
of chip shortage on automakers."
Japanese automakers are set to report their earnings this
week, starting with Nissan Motor 7201.T on Tuesday and Toyota
Motor 7203.T on Wednesday, the same day as SoftBank Group
9984.T .
Toyota gained 1.7%, while Nissan jumped 4.39%. SoftBank
Group rose 1.7%.
Nippon Steel 5401.T advanced 5.26% after issuing annual
profit forecast above analysts estimate last week, helping the
sector index .ISTEL.T gain 4.68%.
JFE Holdings 5411.T and Daido Steel 5471.T jumped 7.21%
and 6.08%, respectively.
Shipping firm Nippon Yusen 9101.T fell 3.18% after its
annual operating profit forecast missed analysts' expectations.
Sea transport sector .ISHIP.T lost 3.24%, making it the
biggest loser among the 33 sector sub-indexes.