Japanese shares inch higher on bargain hunting
By DPA, IANSMonday, January 17, 2011
TOKYO - Japanese stocks edged up in Tuesday morning trading as investors picked up some blue chip issues at lower prices after a weak start.
The benchmark Nikkei 225 Stock Average gained 18.41 points, or 0.18 percent, to trade at 10,521.27 while the broader Topix index was up 3.85 points, or 0.41 percent, at 932.58.
Tokyo stocks opened lower as the yen rose against the euro and the dollar. The Nikkei gradually climbed into the positive territory on some bargain hunting. Investors were still cautious ahead of the release of major US corporations’ earnings reports.
The US market was closed Monday for a public holiday.
A stronger yen makes Japanese goods less competitive abroad and erodes overseas earnings when the revenues are repatriated.
On currency markets at 9 a.m. (0000 GMT), the dollar traded at 82.60-70 yen, down from Monday’s 5 p.m. quote of 82.90-91 yen.
The euro traded at $1.3281-3282, down from $1.3293-3293 Monday, and at 109.79-80 yen, down from 110.19-23 yen.
