Tokyo---Tokyo stocks edged up Tuesday morning as investors await US Federal Reserve chief Janet Yellen's Congressional testimony and Greece's proposed reforms which are aimed at securing a critical bailout extension.
The Nikkei 225 index at the Tokyo Stock Exchange added 0.13 percent, or 23.10 points, to 18,490.02 by the break, while the Topix index of all first-section issues slipped 0.03 percent, or 0.43 points, to 1,502.40.
Investors were awaiting testimony by Fed Chair Janet Yellen and a review by creditors of a list of debt-reduction policies by Greece.
"Most investors are waiting for statements from the US financial authorities and the submission of Greece's economic policies," said Toshihiko Matsuno, chief strategist at SMBC Friend Securities in Tokyo.
"I think the market will fluctuate. There's some technical overheating" in Japanese stocks, he told Bloomberg News.
Investors will be looking for further clues on the Fed's assessment of the US economy and the timing of an interest rate increase when Yellen gives two days of testimony to Congressional finance committees starting Tuesday.
They were also watching out for whether Greece could complete an agreement reached last week with eurozone partners on its bailout programme.
Athens has delayed sending a list of reforms to its international lenders aimed at obtaining a four-month extension of its bailout.
A Greek government source insisted that Brussels would get the proposals on Tuesday morning, in time for eurozone finance ministers to discuss them in a conference call in the afternoon.
The euro bought $1.1330 and 134.90 yen early Tuesday, compared with $1.1337 and 134.63 yen in New York Monday afternoon.
The dollar was at 119.07 yen against 118.76 yen in US trade.
Among individual stocks, Hitachi fell 0.80 percent to 827.9 yen after media reports that the Japanese firm reached a basic accord with Italian aerospace and defence giant Finmeccanica to buy its rail business for 250 billion yen ($2.1 billion).
Energy explorers fell as oil held below $50 a barrel, with Inpex down 2.20 percent at 1,352.0 yen.
Honda was down 0.08 percent at 3,925.0 yen after the automaker said it was replacing its president with a younger leader as the firm grapples with an exploding air bag crisis linked to at least five deaths.
Skymark jumped 5.88 percent to 36 yen after major carrier All Nippon Airways announced plans to help turn around the bankrupt budget airline.
AFP
