Japan's Nikkei closes nearly 1% higher as BOJ concerns ease

Tokyo: Japan's Nikkei share average closed nearly 1% higher on Monday, rebounding from the previous session's volatility as investor concerns eased over the Bank of Japan's (BOJ) plan to sell its holdings of riskier assets.

The Nikkei rose 0.99% to finish at 45,493.66, while the broader Topix gained 0.49% to 3,163.17.

On Friday, the BOJ announced it would sell its exchange-traded fund (ETF) holdings at an annual pace of around 330 billion yen ($2.23 billion), in another step to unwind its massive monetary stimulus.

Chip-related stocks led the rebound, with Advantest climbing 3.2% and Tokyo Electron up 3.87%. In contrast, SoftBank Group slid 2.42% to become the biggest drag on the Nikkei, while Chugai Pharmaceutical dropped 2.08%.