The broader Topix had gained 0.19% to 2,022.61 by
the midday break.
The Nikkei share average edged down 0.06% to
28,475.31, after rising as much as 0.37%, but hovered at its
highest level since March 9.
"Overall, the market is strong, supported by the yen's weakness, which lifted automakers. And banks tracked sharp gains of U.S. bank shares on Friday," said Jun Morita, general manager of the research department at Chibagin Asset Management. "But I would say the market is stronger than it should be because there are signs of an economic slowdown going forward."
Among individual stocks, Toyota Motor rose 1.63%, providing the biggest support to the Topix. Mitsubishi UFJ Financial Group and Sumitomo Mitsui Financial Group gained 1.7% and 1.77%, respectively.
At the end of last week, the S&P 500 banking sector jumped 3.5%, as a series of major U.S. banks, such as
Citigroup Inc and JPMorgan Chase & Co beat
earnings expectations, benefiting from rising interest rates and
easing fears of stress in the banking system. In Japan, shippers rose 2.11% to become the top
performer among the Tokyo Stock Exchange's 33 industry
sub-indexes. Kawasaki Kisen rose 2.73%.
Robot maker Fanuc rose 2.93% to become the top
performer on the Nikkei.
Uniqlo brand owner Fast Retailing lost 2.71%, after
surging 8.5% in the previous session, becoming the biggest drag
for the Nikkei.
(Reporting by Junko Fujita; Editing by Sohini Goswami)
