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* Nikkei down 0.22% after an initial rise of nearly 0.7%
* Banks supported by rising number of US peers
By Shinichi Saoshiro
TOKYO, Jan. 17 (Reuters) – Japan's Nikkei stockpile started on the upside on Thursday, but quickly reversed, as investors remain cautious about the prospects for riskier badets.
The Nikkei was down 0.22% to 20,397.75 at 20:05 GMT. Raised by an overnight bounce on Wall Street, the index initially rose 0.7% to 20,571.75.
The Nikkei rallied about 8% after its eight-month low at the end of December, when mbadive risk aversion on global markets had a negative impact.
While the recovery in US stocks this month helped Japanese equities recover, traders said there were few incentives for a sharp rise.
"The Nikkei is now back on the 20,500 threshold, which seems to have prompted the participants to sell in an attempt to reduce some of their losses in the fall of December," said Takashi Hiroki, chief strategist. at Monex Securities.
"The sentiment that was bruised last month will probably require some additional factors to fully recover, such as better Chinese economic data, easing trade tensions between the US and China, and further weakening the yen. . "
Major Wall Street indexes hit overnight overnight highs as strong earnings from Bank of America Corp. and Goldman Sachs Group Inc. have boosted investor confidence.
Banks and other financial companies followed the progress of their American counterparts.
Sumitomo Mitsui Financial Group grew by 1.1%, Mitsubishi UJF Financial Group by 1.1% and Shinsei Bank by 0.7%.
Nomura Holdings grew by 3.6% and Daiwa Securities Group by 1.5%.
The Tokyo Stock Exchange (TSE) banking and securities sub-sectors gained 0.9% and 2.6% respectively.
The iron and steel sub-sector of the East gained 0.75%, thanks to recent gains in iron ore prices.
Kobe Steel was up 1.6% and Nippon Steel and Sumitomo Mining up 1%.
Trans Genic Inc. climbed 4.65% after the biotech company was granted a patent for a genetically modified type of mouse used in the development of a treatment for diseases caused by inflammation.
The broader Topix rose slightly by 0.21 percent to 1,541.07. (Edited by Kim Coghill)
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