* Nikkei up 2 pct as banks, exporters gain
* Nikkei briefly touches highest point in 6 weeks
* Hopes for U.S. financial plans help buoy market
* Buying linked to fiscal year-end seen supporting gains
By Aiko Hayashi
TOKYO, March 23 (Reuters) - Japan's Nikkei average rose more
than 2 percent to a six-week high on Monday, with banks including
top lender MUFG <8306.T> jumping on hopes for U.S. plans to
further help a strained financial system, while a weaker yen
helped exporters.
U.S. Treasury Secretary Timothy Geithner will hold a briefing
at 1245 GMT to announce plans for a public-private effort to rid
banks of toxic assets at the heart of financial woes.
[]
Hopes for the U.S. plan boosted U.S. stock futures <SPc1> by
more than 1 percent as investors appeared more willing to take on
risk. []
Energy-linked shares such as trading firms including
Mitsubishi Corp <8058.T> jumped after oil prices rose more than 1
percent towards $53 a barrel <CLc1> amid hopes for a speedy
recovery of the U.S. economy. []
"Sentiment in the U.S. market has shifted toward optimism
recently, but we still don't know the details of Geithner's
announcement and that optimism isn't beyond just hopes," said
Takahiko Murai, general manager at Nozomi Securities.
"Also, March is the end of the business year in Japan,
prompting institutions such as pension funds to buy to prop up
stock prices. So we shouldn't see the gains as a sign of
improvement in fundamentals yet."
The benchmark Nikkei <> gained 2 percent or 158.52
points to 8,104,48. It rose as much as 2.3 percent at one stage,
hitting its highest point since Feb. 9.
Last week, the Nikkei gained 5 percent. Japanese markets were
closed on Friday for a national holiday.
The broader Topix <> climbed 2 percent to 779.71.
"Investors find it hard to sell off stocks now and the Nikkei
will likely consolidate around 8,000, at least until the G20
meeting in April," said Yumi Nishimura, manager at Daiwa
Securities SMBC.
BANKS STRONG
Shares of Mitsubishi UFJ Financial Group (MUFG) jumped 4.1
percent to 509 yen.
Separately, Japan's biggest bank said on Monday it plans to
close 50 branches and cut 1,000 jobs to continue slimming down
its operations since its 2005 merger, as a tumbling stock market
depletes its earnings. []
No.2 Mizuho Financial Group <8411.T> gained 4.3 percent to
218 yen and third-ranked Sumitomo Mitsui Financial Group <8316.T>
shot up 5.9 percent to 3,750 yen.
Exporters gained as the dollar was trading around 96.15 yen
<JPY=>, after falling as far as 93.55 on Thursday. []
Investors welcome a weaker yen as it boosts exporters' profits
when repatriated.
Electronics parts maker Kyocera Corp <6971.T> added 2.4
percent to 6,730 yen, while industrial robot maker Fanuc Ltd
<6954.T> advanced 3.9 percent to 6,880 yen. The two stocks were
the top positive contributors to the Nikkei 225.
Trading houses, which are major dealers in energy and have
stakes in oil and gas projects, gained on higher crude prices.
Mitsubishi, Japan's largest trading house, surged 6.4 percent
to 1,306 yen and Mitsui & Co <8031.T> soared 9.7 percent to 976
yen.
Oil and gas field developer Inpex <1605.T> climbed 3.8
percent to 710,000 yen.
Trade was moderate on the Tokyo exchange's first section,
with 1.1 billion shares changing hands, almost in line with last
week's morning average.
Advancing stocks outpaced declining ones by nearly 4 to 1.
(Additional reporting by the Tokyo newsroom; Editing by Chris
Gallagher)
