Nikkei rises to near 3-week high, insurers support; Dai-ichi soars
TOKYO, May 18 (Reuters) - Japan's Nikkei share average rose on Monday to a near 3-week high, bolstered by gains in the insurance sector after Dai-ichi Life announced higher shareholder payouts. The Nikkei 225 ended 0.8 percent higher at 19,890.27, the highest closing level since April 28. The broader Topix gained 1.2 percent to 1,626.66 and the JPX-Nikkei Index 400 also advanced 1.2 percent to 14,697.02. The market was focused on a launch on Monday of a large mutual fund by Nomura Securities. The size of the mutual fund, which focuses on Japanese equities with higher shareholder returns, is expected to be more than 50 billion yen ($417.8 million), traders said. Nomura, which is expected to announce details at 0800 GMT, declined to comment on the size. ($1 = 119.6800 yen) (Reporting by Ayai Tomisawa; Editing by Jacqueline Wong)
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