Nikkei hits 3-mth closing high on U.S. job data; high beta stocks in demand
TOKYO, June 9 (Reuters) - Japanese shares climbed to a three-month high on Monday following a solid U.S. May jobs report, with investors rotating into growth-sensitive stocks from defensive ones. The benchmark Nikkei gained 0.3 percent to 15,124.00, its highest closing level since March 11. The index has risen nearly 500 points, or 3.4 percent, over the past six trading days, raising concerns that the market may be overbought in the very near term. But investors seem relatively bullish on the market, rotating into high beta shares - those with high volatility - from defensive shares. Real estate companies and warehouse and port operators were the top performing sectors on the day. The broader Topix was little changed at 1,234.78 in thin trade, with only 1.42 billion shares changing hands, the smallest number since April 18. The new JPX-Nikkei Index 400 was flat at 11,244.55. (Reporting by Tomo Uetake; Editing by Richard Borsuk)
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