June 6, 2018 / 6:39 AM / a year ago

Nikkei climbs to 2-week high on tech sector gains; Subaru down

TOKYO, June 6 (Reuters) - Japan’s Nikkei share index touched a two-week high on Wednesday as technology stocks edged up after their U.S. peers rallied.

The Nikkei ended up 0.38 percent at 22,625.73 after brushing 22,662.82, its highest since May 23.

Technology companies Kyocera Corp, Alps Electric Co and Nikon Corp gained 0.6 percent, 1.0 percent and 1.59 percent, respectively, after the Nasdaq closed at a record high for the second day in a row.

But overall market gains were limited as investors remained wary about global trade tensions and geopolitical risks, and as the market awaited the U.S. Federal Reserve’s policy meeting next week where it is expected to raise interest rates.

U.S. President Donald Trump and Japanese Prime Minister Shinzo Abe will meet on June 7 and a U.S.-North Korea summit is scheduled on June 12.

“The market’s attention is on these events so they will likely refrain from taking large positions now,” said Isao Kubo, equity strategist at Nissay Asset Management.

“Investors also want more clues about global economies because while the U.S. economy appears to be solid, other economies may not be.”

Financial stocks underperformed as global investors piled back into lower-risk government debt after Italy’s new prime minister vowed to enact economic policies that could balloon the nation’s already-heavy debt load.

Mitsubishi UFJ Financial Group fell 1.06 percent while Mizuho Financial Group lost 0.2 percent.

Subaru Corp declined 1.4 percent after the automaker said it found new cases of product data fabrication, bringing the total number of affected vehicles to 1,551 from the previously reported 903.

The broader Topix added 0.15 percent to 1,777.59. (Reporting by Ayai Tomisawa and the Tokyo markets team Editing by Jacqueline Wong)

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