Japan Shares Inch Up, Corporate Outlook Worries Cap Gains

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TOKYO, April 28 Reuters Japanese shares rose on Wednesday, led by technology stocks, although gains were capped by concerns about corporate outlook, while investors awaited a decision by the U.S. Federal Reserve and President Joe Bidens address to Congress.

The Nikkei share average inched up 0.29 to 29,075.62 by 0208 GMT, while the broader Topix edged up 0.34 to 1,910.27.

There is a growing concern among investors that corporate outlook may not meet their high expectations. That has been proven by recent fall in shares of some renowned companies which flagged strong outlook, said Shoichi Arisawa, general manager of the investment research department at IwaiCosmo Securities.

It is hard for investors to make any move today ahead of several significant events in Japan and the United States.

Japan is in the middle of the corporate earnings season, with Sony Group, ShinEtsu Chemical, TDK being among major firms reporting their outlook after the market closes on Wednesday.

So far, a slew of companies, including Nidec and Canon, have failed to impress investors despite relatively strong earnings.

Technology firms such as robot maker Fanuc jumped 2.48, while chipmaking equipment maker Tokyo Electron added 1.06.

Nomura Holdings rose 1.78 after Japans largest brokerage said it would book 2.9 billion worth of pain from the collapse of U.S. investment fund Archegos.

Fuji Electric gained 10.92, making it the biggest percentage gainer on the Nikkei, followed by Fujikura…

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