Nikkei edges up, continues bull run after Greek deal
* Nikkei has risen nearly 9 pct over past two weeks * Greek deal provides support but upside limited - trader * Domestic-demand driven stocks in favour, profits taken in exporters * Foreigners post pre-market net buy orders for 12th straight day * Toyobo soars 4.7 pct on Daiwa's rating hike By Ayai Tomisawa TOKYO, Nov 27 (Reuters) - Japan's Nikkei share average edged up its highest level in over six months on Tuesday, with a deal on cutting Greece's debt lending support to a bull run that has seen the market climb almost 9 percent in the past two weeks. But in a sign that the run could be losing some momentum, most big-name exporters succumbed to profit-taking while domestic-demand driven stocks like banks and real estate firms found favour. Traders said investors, who were underweight Japanese stocks, continue to pour new money into the market as the yen has weakened sharply on the expectations that next month's election will see the advent of a new government determined to pressure the central bank into more easing. Data showed net pre-market buy orders from foreign houses for a 12th straight day. "The Greek deal provides comfort somewhat, but to see further gains in the market, we need more catalysts such as further weakening in the yen," said Naoki Fujiwara, a fund manager at Shinkin Asset Management. By the midday break, the Nikkei was up 0.4 percent at 9,424.91, its fourth straight day of gains. Among exporters, Toyota Motor Corp, Honda Motor Co and Nikon Corp fell 1.2-1.3 percent. The stocks have risen more than 10 percent over the past two weeks. "Investors are still staying as buyers, but they are shifting to domestic-demand stocks as they are cautious of the steep rise in exporters," said Hikaru Sato, a senior technical analyst at Daiwa Securities. "Foreign buying will likely continue for the time being." On Tuesday, the dollar last traded at 82.01 yen, slightly weakening against the yen. Traders said some investors unwound long positions in the U.S. dollar built up in recent weeks. Among banks and real estate firms, Sumitomo Mitsui Financial Group gained 1.0 percent and Mitsui Fudosan advanced 1.5 percent. Euro zone finance ministers and the International Monetary Fund clinched an agreement on reducing Greece's debt in a breakthrough to release urgently needed loans to keep the near-bankrupt economy afloat. But the market is now expected to focus on the U.S. fiscal policy standoff and worries about that are expected to contribute to limited upside potential for equity markets. Republicans in the U.S. Congress on Monday called on President Barack Obama to detail long-term spending cuts to help solve the country's fiscal crisis, while holding firm against the income tax rate increases for the wealthy that Democrats seek. Notable gainers included Toyobo Co which rose 4.7 percent to a 4-1/2 month high yen after Daiwa Securities hiked the fiber maker's rating by two notches to 'buy' from 'neutral', saying operations such as its life science business may see a profit recovery. The broader Topix added 0.3 percent to 781.56.
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DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.