TOKYO: Japanese shares rose on Tuesday, tracking Nasdaq futures and as investors scooped up beaten-down equities including tech stocks, although gains were limited by caution ahead of US inflation data due later in the week.
By 0220 GMT, the Nikkei share average was up 0.4% at 27,360.57, after rising as much as 0.8% earlier in the day. The broader Topix was up 0.5% at 1,935.67.
The Nikkei has fallen about 5% so far this year after three straight years of gains, while the Topix has declined 2.8%.
"Japanese shares rebounded as Nasdaq futures gained (in Asian trading hours), but the upside was capped because investors were cautious ahead of the US CPI (consumer price index) report after strong labour data," said Takatoshi Itoshima, a strategist at Pictet Asset Management.
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Uniqlo clothing shop owner Fast Retailing led the Nikkei's gains, followed by air-conditioner maker Daikin Industries and phone company KDDI. Fast Retailing rose 0.75%, Daikin gained 1.68% and KDDI added 1.84%.
Technology start-up investors SoftBank Group gained 0.34% ahead of its earnings announcement later in the day.
Shionogi & Co inched up 0.4% after the nation's prime minister said the government would consider granting conditional early approval for the drugmaker's oral COVID-19 treatment.
Game maker Nintendo lost 1.57% and was the worst performer among the Topix 30, followed by audio equipment and camera maker Sony Group, which fell 1.03%.
There were 152 advancers on the Nikkei index against 70 decliners.
The volume of shares traded on the Tokyo Stock Exchange's main board was 0.59 billion, compared to the average 1.18 billion in the past 30 days.
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