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TOKYO: Japanese shares ended higher on Monday, tracking a strong performance on Wall Street, as investors scooped up some stocks following the release of positive annual outlook.

The Nikkei rose 1.21% to 27,527.64, in its biggest intraday gain in a week, while the broader Topix climbed 0.98% to 1,934.09.

“Investors continued to look for shares with robust earnings,” Nomura Securities strategist Maki Sawada said at a media briefing.

“Going forward, investors will be cautious ahead of closely eyed US consumer price data, which is due later this week.”

Wall Street closed higher on Friday in volatile trading to snap a four-session losing streak, as investors wrestled with a mixed jobs report and comments from US Federal Reserve officials on the pace of interest rate hikes.

Investors await a major event on Thursday when US consumer prices for October are likely to be released, with any upside surprise set to test hopes for a step down in Fed hikes.

JFE Holdings jumped 7.25% after Japan’s No.2 steelmaker raised its annual profit outlook.

Peers Nippon Steel and Kobe Steel rose 3.05% and 3.88%, respectively, lifting the steelmaker index by 3.31% to make it the top gainer among the 33 industry sub-indexes on the Tokyo Stock Exchange.

Sanrio surged 12.91% after the owner of the Hello Kitty brand raised its annual outlook.

Tokyo shares close higher extending US rallies

Heavyweights rose, with chipmaking equipment maker Tokyo Electron rising 3.79%, providing the biggest boost to the Nikkei.

Uniqlo clothing store owner Fast Retailing rose 1.5%, while air conditioner maker Daikin Industries rose 1.76%.

On the other hand, office equipment maker Ricoh tanked 7.84%% after cutting its annual profit outlook and Sharp fell 3.27% after the smartphone maker made a similar move.

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