Japan Shares Closed Higher on Rise of Business Cycle Companies

Japanese shares closed higher on Thursday, March 11th, as investors snapped up shares related to the economic cycle that fell earlier, but the gains were capped by investors who lowered their positions in some heavyweight stocks.

The Nikkei index rose 0.6% to 29,211.64 points, while the broader Topix index rose 0.27% to 1924.92 points.

Nikkei rose to a 30-year high last month on expectations of an economic recovery and better-than-expected corporate earnings.

Shipping companies jumped, to become the biggest gainer on the Nikkei index, as Kawasaki Kisen rose 12.71%, Mitsui O.S.K Lines gained 7.45%, and Nippon Yusen rose 7.3%.

Shares in Shinsei Bank jumped 5.46% after a report said the bank had acquired a 10% stake in Australian credit card and consumer finance company Latitude Financial Group.