Japanese stocks closed higher, supported by banking stocks

Japanese stocks ended Tuesday’s trading higher, supported by the rise of bank stocks, following the easing of concerns about the global financial system after a deal in which First Citizens Bankers would acquire the assets of the collapsed US Silicon Valley Bank.

The Nikkei index rose 0.15 percent to close at 27518.25 percent, while the broader Topix index rose 0.25 percent to close at 1966.67 points.

The banking sector index rose 1.96 percent and was the best performer among 33 sub-indices representing business sectors on the Tokyo Stock Exchange.

Resona Banking Holding Group jumped 4.08 percent and was the biggest gainer on the Nikkei index.

Mizuho Financial rose 2.47 percent, Sumitomo Financial Group rose 2.67 percent, and Mitsubishi UFJ Financial Group rose 1.7 percent.

However, the performance of heavyweight stocks affected the Nikkei index, as Tokyo Electron fell 0.33 percent, Advantest fell 0.75 percent, and Shin-Etsu Chemical fell 1.19 percent.