Nikkei climbs to 1-week high
For now, though, investors were upbeat. Japan's megabanks were in demand after they reported their first-half results after the market close on Wednesday. Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group and Mizuho Financial Group were up between 2.5 and 3.2 percent.
BNP Paribas's Maruyama said it was a bit risky to chase exporters given the fiscal issue in the United States and the euro zone debt crisis.
Banks and real estate companies were the best bet to play the rally in Japanese equities in the short-term, he added.
The real estate sector climbed 2.4 percent, with Sumitomo Realty & Development Co Ltd up 3.5 percent and Mitsui Fudosan Co Ltd adding 2.6 percent.
Social gaming company Gree Inc shed 2.3 percent, however, after it disappointed the market with poor results for the first quarter ended September.
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