news/BIIB/2023.01.09/Japan's Nikkei gains as tech shares track U.S. peers higher.txt

TOKYO, Jan 10 (Reuters) - Japan's Nikkei share average
rose on Tuesday, as technology stocks tracked their U.S. peers
higher, but gains were limited as investors awaited the Bank of
Japan's policy meeting due next week.The Nikkei rose 0.87% to 26,199.25 by the midday
break, while the broader Topix gained 0.48% to 1,884.80.The Nasdaq Composite ended well off the day's highs
overnight even as the Dow ended lower and the S&P 500
index closed nearly flat, as expectations that the
Federal Reserve would dial back on its hawkish stance were
offset by lingering worries about inflation."Treasury yields fell and the Nasdaq gained momentum in the
U.S. overnight. So investors bought Japanese stocks but the
gains were limited," said Shuji Hosoi, senior strategist at
Daiwa Securities."That is because investors were cautious about the Bank of
Japan's decision to be made at a policy meeting next week. The
bank surprised investors last month, and the (central) bank may
do something similar."Japan's central bank last month widened the trading band for
the benchmark 10-year government bonds to 0.5% from 0.25%,
sending yields across the curve higher.Drugmaker Eisai jumped as much as 8% in early trade
after the U.S. Food and Drug Administration approved its
Alzheimer's drug lecanemab, developed in partnership with Biogen
Inc, for patients in the earliest stages of the
disease. It last traded up 4.28%.Chip giants Tokyo Electron rose 3.35% and Advantest
gained 1.53%. Technology investor SoftBank Group
climbed 2.53%.Heavyweight Fast Retailing, the owner of the Uniqlo
clothing brand, gained 0.74%.Bucking the trend, utility Tokyo Electric Power Company
Holdings lost 3.08% and was the worst performer on the
Nikkei, followed by staffing agency Recruit Holdings,
which lost 2.81%. Kansai Electric Power shed 2.55%.
(Reporting by Junko Fujita; Editing by Eileen Soreng)