Kawasaki Kisen Kaisha Ltd leapt 7.4% on estimate-beating quarterly numbers and after the shipper raised its dividend forecast. The Nikkei index climbed 0.77% to 29,173.56, as of the morning break. The index hit its highest level since January 2022 last week before a three-day holiday. The broader Topix rose 0.97% to 2,091.27. "The results were good, and much better than the market expected," Nomura strategist Kazuo Kamitani said of JFE's results, which were released after the market closed on Monday. "The mainstay logistics segment, particularly related to autos, is expected to continue recovering along with improvements in the supply of semiconductors and car parts," he added. Steelmakers and marine transport companies were the top performers among the Tokyo Stock Exchange's 33 industry sub-indexes. Precision machinery shares were the biggest laggards, losing 0.42%. Results from heavyweights Toyota Motor Corp on Wednesday and SoftBank Group Corp on Thursday will be the next major cues for whether the positive earnings momentum will continue, said Daiwa Securities strategist Kenji Abe. Trading in Sailor Pen Co was temporarily halted at its daily high, with shares ending the morning session up 12.7%. The stock gained on media reports that Sailor's high-end fountain pens will be given to officials gathering at a Group of Seven summit in Hiroshima in the coming days.
(Reporting by Rocky Swift; Editing by Sherry Jacob-Phillips)
