Tokyo stocks close 0.12pc higher
September 13, 2013 - 9:23:07 am
TOKYO: Tokyo stocks ended in positive territory on Friday, edging 0.12 percent higher at the end of the session as the dollar picked up against the yen.
The benchmark Nikkei 225 index erased losses through most of the day to close up 17.40 points at 14,404.67, while the Topix index of all first-section shares added 0.08 percent, or 0.92 points, to 1,185.28.
"Olympics fever is dissipating, and with it momentum," said Tachibana Securities general manager of equities Kenichi Hirano.
Japanese stocks soared earlier this week as Tokyo's successful bid to host the Olympics sparked buying of construction and real estate firms, but the rally proved to be short-lived.
Buying was also capped ahead of a long weekend in Japan. Markets will be closed Monday for a national holiday.
"Stocks remain somewhat overheated as well, and with the holiday-extended weekend coming up, players really have no incentive to keep buying," Hiroichi Nishi, SMBC Nikko Securities general manager of equities, told Dow Jones Newswires.
"Regional economic data point to an ever-brighter outlook for a global recovery, however, and so losses will likely be limited."
Sentiment got a modest boost from a monthly government report for September in which Tokyo boosted its assessment of the world's third-largest economy for the first time in two months.
Also Friday, Tokyo revised upward Japanese factory output for July to 3.4 percent on-month from a 3.2 percent initial estimate, another upbeat sign for a government growth-boosting blitz.
Sony slipped 0.33 percent to 2,096 yen, Toyota added 0.15 percent to 6,280 yen, Uniqlo operator Fast Retailing was up 0.56 percent at 35,500 yen and Canon gained 0.47 percent to 3,200 yen.
On currency markets, the dollar bought 99.71 yen, up from 99.47 yen in New York Thursday afternoon but well below the 100.50 yen level enjoyed on Wednesday. (AFP)