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Japanese stocks follow Wall Street gains, China worries about rising cap

TOKYO, April 26 (Reuters)Japanese stocks ended higher on Tuesday, tracking Wall Street’s overnight gains, but worries about the impact of China’s COVID-19 lockdown on domestic businesses limited their upside.

Nikkei stock average .N225 gained 0.41% to close at 26,700.11. The expanded Topix .TOPX rose 0.11% to 1,878.51, after briefly entering negative territory earlier in the session.

Shanghai’s COVID-19 lockdown misery has dragged on into a fourth week, while mass testing orders in Beijing’s largest district have raised fears the Chinese capital is destined for a similar fate.

“Investors were cautious about the impact of a possible economic slowdown in China on Japanese companies, as it is now possible that Beijing will be locked in,” said Tomoichiro Kubota, senior market analyst at Matsui Securities.

“Today’s market rose on Wall Street gains and falling US Treasury yields.”

Technology investor SoftBank Group 9984.T provided the biggest boost to the Nikkei, up 4.13%, followed by medical services platform M3 2413.T, which jumped 5.04%. Advantest Chip Testing Equipment Manufacturer 6857.T increased by 2.28%.

Fujitsu 6702.T rose 2.17% after a report said the computer maker was considering selling its scanning business to office equipment maker Ricoh 7752.Twhich fell 1.08%.

Canon Marketing Japan 8060.T jumped 7.00% after camera maker Canon’s trading arm 7751.T raised its earnings outlook.

Sumitomo Metal Mining 5713.T fell 6.83% and was the Nikkei’s biggest loser, after the miner and smelter announced they would halt a long-running feasibility study on a proposed nickel processing plant in Pomalaa, in Indonesia.

The volume of shares traded on the main board of the Tokyo Stock Exchange was 1.08 billion, compared to an average of 1.22 billion over the past 30 days.

(Reporting by Junko Fujita; Editing by Vinay Dwivedi)

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