Japan Stocks Track Wall St Solid Finish to Close Week Higher

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TOKYO, June 25 Reuters Japanese shares closed higher on Friday, as cyclicals and technology stocks tracked a strong finish on Wall Street, although the gains were capped by concerns over the countrys economic recovery and amid a cautious outlook of U.S. equities.

The Nikkei share average rose 0.66 to close at 29,066.18, while the broader Topix advanced 0.80 to 1,962.65.

For the week, the Nikkei gained 0.35 to climb just above the 29,000mark, which market participants said has become a psychological barrier as Japans outlook of an economic recovery remains uncertain.

The Nasdaq and the SP 500 closed at record highs overnight, while the Dow jumped almost 1 after U.S. President Joe Biden embraced a bipartisan Senate infrastructure deal.

Todays Friday market is tracking Wall Streets strong gains. But investors, particularly in Japan, are getting wary of U.S. markets taking a pause anytime soon, Shoichi Arisawa, general manager of the investment research department at IwaiCosmo Securities said.

Prospects of an economic recovery in Japan are getting unclear as the number of new COVID19 infections is on the rise again, and the pandemic could worsen as the country plans to conduct the Olympics.

Cyclical shares rose, with oil and coal developers and steel makers leading the Tokyo Stock Exchanges 33 sector subindexes.

Technology stocks also advanced, with Tokyo Electron rising 0.7, Advantest jumping 1.5, Fanuc gaining 1.66.

Shares of Panasonic jumped 4.93 as a filing…

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