TOKYO: Japanese shares rose for a fourth straight day Thursday, hitting a one-month high despite caution about prospects for a bailout of the US aThe benchmark Nikkei-225 index gained 60.31 points, or 0.70 per cent, to 8,720.55, the highest close since November 11.
The broader Topix index of all first section issues climbed 14.70 points, or 1.76 per cent, to 849.25.
Financial issues led the advance as concerns about the health of Japanese banks eased thanks to their steps to raise fresh capital.
But many investors were waiting on the sidelines to see whether a rescue plan for the Big Three US carmakers would clear a sceptical US Senate after being approved by the House of Representatives on Wednesday.
"Investors are still uncertain about the global market outlook" and the auto sector bailout, Tokai Tokyo Securities strategist Hiroaki Kuramochi told Dow Jones Newswires.
Banking shares rose, led by Sumitomo Mitsui Financial Group. Japan's third largest bank said it would raise 5.8 billion dollars by selling preferred stock that will not dilute the value of existing shares.
Sumitomo jumped 9.6 percent to 342,000 yen and Mizuho Financial climbed 4.1 percent to 235,000 yen. Mitsubishi UFJ Financial rose 6.8 percent to 500 yen after an analyst upgraded Japan's largest bank.
Maritime transport stocks rose for a fourth day, buoyed by higher shipping fees. Nippon Yusen shares gained 8.7 per cent to 574 yen, Kawasaki Kisen climbed 8.4 percent to 427 yen and Mitsui OSK. Lines firmed 7.8 percent to 593 yen.
Commodities-related stocks also did well.
Inpex advanced 7.0 per cent to 641,000 yen, Mitsubishi Corp rose 8.6 percent to 1,249 yen and Mitsui & Co added 6.8 per cent to 850 yen.
Toyota Motor jumped 4.8 per cent to 3,070 yen despite a report that Japan's biggest automaker will slash its global sales forecast for 2009 by 10 per cent to fewer than 7.5 million vehicles.
