Japanese stocks up after Japan beat Spain to advance to World Cup

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Japanese stocks up after Japan beat Spain to advance to World Cup

Some stocks related to sports and entertainment climbed after Japan defeated Spain to advance to the next round of the World Cup in Qatar.

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Shares of CyberAgent Inc., which is broadcasting all the games for free in Japan on its Abema streaming service, has gone up as much as 7.3%. Mizuno Corp. gained as much as 5.3%, while Hub Co., a small-cap pub chain operator, surged as much as 15%.

The World Cup and soccer theme is a short-term idea, said Hideyuki Suzuki, general manager at SBI Securities Co. We can imagine a scenario in which technology is gradually integrated into sports, including metaverse applications, because of the longer term of the number of children who want to play soccer.

Japan finished at the top of Group E with a 2 -- 1 win over Spain, a perennial powerhouse that won the World Cup in 2010. Japan won the group stage, after another upset over Germany, with the result being Japan's second win.

Japan will play Croatia next week in order to advance to the knockout stage for the second-straight World Cup.