TOKYO: Japanese shares closed higher on Friday, as cyclicals and technology stocks tracked a strong finish on Wall Street, although the gains were capped by concerns over the country's economic recovery and amid a cautious outlook of U.S. equities.
The Nasdaq and the S&P 500 closed at record highs overnight, while the Dow jumped almost 1per cent after U.S. President Joe Biden embraced a bipartisan Senate infrastructure deal. "Prospects of an economic recovery in Japan are getting unclear as the number of new COVID-19 infections is on the rise again, and the pandemic could worsen as the country plans to conduct the Olympics."Cyclical shares rose, with oil and coal developers and steel makers leading the Tokyo Stock Exchange's 33 sector sub-indexes.
Shares of Panasonic jumped 4.93per cent as a filing made by the conglomerate showed it had sold its entire stake in Tesla last fiscal year.