CORRECTED-Nikkei rises on global market gains; Rakuten tumbles on share-issue plan

jueves 4 de junio de 2015 02:04 GYT

(corrects 2nd para, losses made in last two days, not the first
two days of this week)
    * U.S. yield moves post-jobs data will be in focus - traders
    * Rakuten announces public offering through new shares

    By Ayai Tomisawa
    TOKYO, June 4 (Reuters) - Japan's Nikkei share average rose
on Thursday morning after U.S. and European shares strengthened,
but Rakuten Inc tumbled after announcing plans to issue $1.6
billion in new shares.
    While the market has recouped more than half of the 96
points lost during the last two days, investors are avoiding big
bets on caution amid volatility in global bond yields, traders
    They also said that investors are focused on U.S. jobs data
due on Friday for hints on the timing of a U.S. rate hike.
    The Nikkei 225 rose 0.4 percent to 20,545.54 at the
midday break, still hovering near its 15-year highs.
    U.S. Treasury yields rose in tandem with their European
counterparts as European Central Bank President Mario Draghi
said the markets should get used to periods of higher
volatility. That sent German Bund yields to their highest level
since October.
    "Rising global yields probably won't affect Japanese stocks
directly, but a negative impact is possible if overseas stock
markets fall," said Isao Kubo, equity strategist at Nissay Asset
    He said the way U.S. yields move after the unemployment
figure comes out on Friday could trigger profit-taking in the
Japanese market, which has risen sharply over the past two
    "If the U.S. economy is proven to be strong and the U.S.
yields rise, it will be time for the Japanese market to see a
correction," Kubo said.
    A 12-day Nikkei winning streak that was broken on Tuesday
was fuelled by hopes for economic recovery and better corporate
profits as well as higher shareholder returns and a weakening
    Financial stocks regained ground after falling earlier this
week. Mitsubishi UFJ Financial Group rose 1.4 percent
and Mizuho Financial Group 1.1 percent.
    GungHo Online Entertainment Inc soared 4.5 percent
after the Nikkei business daily said the company will apply in
June to be listed on the Tokyo Stock Exchange's first section.
It is currently on the Jasdaq market, which lists start-up
    Bucking strength, Japanese online retailer Rakuten 
dived 5.7 percent after saying it would issue new shares to
raise about 188 billion yen ($1.5 billion), and use 90 percent
of the proceeds for debt repayment. 
    The broader Topix gained 0.4 percent to 1,675.89 and
the JPX-Nikkei Index 400 advanced 0.3 percent to

 (Editing by Richard Borsuk)