TOKYO, June 5 (Reuters) - Japanese shares are expected to rebound on Tuesday after the Topix index plumbed a near 30-year low the session before, with investors looking to cut bearish bets ahead of emergency talks by the Group of Seven leading indistrialized powers. The Nikkei share average is likely to trade between 8,300 and 8,400 after shedding 1.7 percent to a six-month closing low at 8,295.63 on Monday, strategists said. The broader Topix fell 1.9 percent to 695.51 on Monday, its lowest in more than 28 years. Nikkei futures in Chicago closed at 8,335 on Monday, up 0.5 percent from the Osaka close of 8,290. "The Nikkei is at a critical level. Its November low of 8,134 is extremely important," said Eiji Kinouchi, chief technical analyst at Daiwa Securities. "I think that support level will likely hold. It's interesting to see what the G7 will discuss ahead of the ECB (European Central Bank) meeting tomorrow. They may put pressure on the ECB to do something and such expectations will help support stocks." The emergency talks by the G7 finance chiefs on Tuesday come as alarm is intensifying over strains in the 17-nation European currency area. The benchmark Nikkei has fallen 19.1 percent since hitting a one-year peak on March 27 on concerns over the deepening euro zone debt crisis and slowing global growth. The Bank of Japan on Monday bought 26.3 billion yen ($335.97 million) worth of exchange-traded funds to support the market. The sell-off has taken the Topix deep into "oversold" territory, with the Toraku index - a technical indicator that compares the number of advancing stocks to those declining - falling below 60, a trader said. Eighty is usually an oversold level. The Topix's 12-month forward price-to-earnings ratio has also dropped to 10.9, a level not seen since November 2008, data from Thomson Reuters Datastream showed. > S&P 500 ends flat but Europe, U.S. data still drag > Euro up; investors cut bearish bets on euro zone hopes > Treasuries dip; historic low yields prompt profit-taking > Gold falls after data-inspired rally; Europe in focus > Oil up on hopes action near on economic growth STOCKS TO WATCH - CANON INC Canon said on Monday it plans to buy back up to 50 billion yen ($640 million) worth of its own shares, or 1.4 percent of its shares outstanding, between June 5 and July 27.
- FAST RETAILING CO LTD Fast Retailing said on Monday that same-store sales at its Uniqlo chain of clothing shops in Japan fell 10.3 percent in May from a year earlier on factors such as sluggish sales of summer clothing due to unseasonably cool weather and fewer weekends and holidays compared with the same month last year. - NISSAN MOTOR CO Nissan named a 19-year veteran of Volkswagen AG's Audi unit to run its luxury brand Infiniti as the No. 2 Japanese automaker moves to challenge the dominance of German rivals in key markets, including China. - SUMITOMO PRECISION PRODUCTS CO Sumitomo Precision Products, a maker of aerospace equipment, said on Monday it would take a 22.1 percent stake in U.S.
security technology firm Visualant Inc for $2.25 million to expand overseas.