Adds details on closing prices
By Rocky Swift
TOKYO, April 13 (Reuters) – Japan’s Nikkei stock gauge climbed for a fifth straight session on optimism of a recovery in the domestic retail sector, while financial shares were weighed down by U.S. recession concerns.
Japan’s Nikkei share average .N225 closed 0.26% higher, erasing an early slide, to cement the longest winning streak in more than a month. The broader Topix .TOPX finished 0.05% higher.
Aeon Co Ltd 8267.T rose 2.7% to lead all gainers on the Nikkei after the retailer said revenue in the year through February reached an all-time high and forecast record profit for next year.
Cosmetics maker Shiseido Co Ltd 4911.T jumped 1.96%. Investors will be eyeing results from other major retailers on Thursday, including Uniqlo operator Fast Retailing Co Ltd 9983.T and Muji owner Ryohin Keikaku Co Ltd 7453.T.
“As seen in the results of retail companies, increased mobility of people and the recovery of inbound travel are boosting the economy,” Nomura strategist Maki Sawada said.
“That seems to be providing some support for the Nikkei.”
There were 128 decliners on the Nikkei index against 89 that rose. Financials and tech companies were the biggest losers on the gauge.
Lender Resona Holdings Inc 8308.T lost 1.62%. Chip equipment maker Tokyo Electron Ltd 8035.T fell 1.57%.
U.S. shares fell after minutes from the Federal Reserve’s policy meeting last month indicated that banking sector stress could tip the economy into a recession. The minutes followed inflation data, which added to the likelihood of another rate hike next month.
“The market has been too complacent on both recession risk and inflation persistence,” said Mio Kato, founder of LightStream Research, who publishes on the SmartKarma platform.
“I am expecting earnings guidance to come out cautious, especially on tech,” he added.
Lunar transport start-up ispace Inc 9348.T traded for the first time and closed at 1,201 yen, more than four times its initial public offer price.
(Reporting by Rocky Swift; Editing by Janane Venkatraman and Sonia Cheema)
This article originally appeared on reuters.com