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Japanese shares inch higher, Toshiba up after ouster of board directors

·2 min read

TOKYO, June 14 (Reuters) - Japanese shares rose on Monday as cyclicals such as tyre makers and shippers led gains on global recovery hopes, while Toshiba rose after the company said two of its board directors will retire amid its governance crisis.

The Nikkei share average gained 0.74% to 29,161.80, its highest close since May 10. The broader Topix rose 0.29% to 1,959.75.

The gains came as U.S. stocks closed modestly higher on Friday, with the S&P 500 hitting a record high closing, while the Nasdaq gained the most among three major indexes.

"Japanese shares are still trailing behind global shares, as earnings recovery is expected to be delayed. But hopefully things will get better with vaccinations speeding up now. We could have 60% of the population get vaccinated by August," said Hiroshi Watanabe, senior economist at Sony Financial Holdings.

Shippers were the top gainers, with Nippon Yusen up 2.3%, followed by tyre makers, among which Bridgestone rose 1.3% and Yokohama Rubber jumped 2.9%.

Toshiba gained 2.7% after the conglomerate, which is facing a deepening crisis over corporate governance, said it would change its board director nominees for an upcoming shareholders meeting and its two board directors would retire.

Growth-oriented shares outperformed as fall in U.S. bond yields boosted their U.S. peers.

M3 gained 4.5%, while Fanuc rose 3.2% and Keyence went up 2.7%.

Kobe Bussan jumped 11.1% after the food retail chain operator bumped up its earnings guidance.

On the other hand, the interest-sensitive banking sector fell after U.S. Treasury yields posted their biggest weekly drop in nearly a year last week.

MUFG fell 1.0% and Mizuho Financial Group lost 0.9%.

Game company Gumi tumbled 15.8% after its founder, who still owns a stake of more than 10% in the firm, announced his resignation last Friday. (Reporting by Junko Fujita; Editing by Shailesh Kuber)