TOKYO, July 24 (Reuters) - Japanese share prices edged up on Wednesday after a news report that U.S. trade negotiators will meet Chinese counterparts in Shanghai next week prompted investors to buy back cyclical shares such as carmakers, shippers and machinery makers.
The Nikkei share average rose 0.5% to 21,728.87 while the broader Topix gained 0.37% to 1,574.55.
Bloomberg reported that U.S. Trade Representative Robert Lighthizer and senior U.S. officials will travel to Shanghai on Monday for talks with Chinese officials.
Shippers rose 1.6%, with Nippon Yusen KK rising 1.9% while transport equipment makers rose 1.1%.
Toyota Motor rose 1.3% while Honda Motor gained 1.1%.
Nissan Motor rose 1.2% in line with its rivals, after the news that the firm plans to expand job cuts to over 10,000 to help turn around its business.
Semi-conductor related shares extended their recovery on a brightening outlook for the industry.
Sumco Corp rose 4.7%, Advantest Corp shot up 4.2%, hitting 11 1/2-year highs, and Screen Holdings Co Ltd gained 3.9%.
SoftBank Group Corp rose 1.7% after the news, first reported by Wall Street Journal, that shared office space manager WeWork, in which SoftBank Group invests, is looking to go public as soon as September, earlier than previously expected. (Editing by Simon Cameron-Moore)