TOKYO Jan 10 Japan's Nikkei share average was
little changed on Tuesday, trimming earlier losses amid hopes
that U.S. President-elect Donald Trump would provide
stimulus-supportive hints at an upcoming news conference.
The Nikkei initially slipped as much as 0.4 percent
on a combination of sagging Wall Street shares, a stronger yen
and slumping crude oil prices before ending midday up 0.03
percent at 19,448.55.
Of Tokyo's 33 sub-indexes, 14 were in the red. The banking
and insurance sub-indexes were among those
that suffered relatively steep losses after Wall Street's
financial stocks fell overnight to stall the Dow's
advance towards 20,000.
"Selling was limited ahead of Trump's speech with the market
first wanting to see what he has to offer. There are still hopes
that Trump would provide support by hinting at stimulus
measures," said Masahiro Ichikawa, senior strategist at Sumitomo
Mitsui Asset Management.
Trump, who takes office on Jan. 20, is scheduled to hold a
news conference on Wednesday that will be his first since
winning the November U.S. election.
Among individual shares, Takeda Pharmaceutical Co Ltd
rose as much as 1.5 percent to an eight-month high
after the company said it would buy U.S. cancer drug maker Ariad
Pharmaceuticals Inc in a deal valued at $5.2 billion to
beef up its oncology pipeline.
Electronic component maker Rohm Co Ltd rose 4.7
percent after the company said it had developed a chip set for
automotive LCDs equipped with the ability to identify internal
malfunctions, thus potentially raising safety standards.
Michinoku Bank Ltd fell as much as 15.8 percent on
share dilution fears after it said it will issue about 30.4
million stocks via a public offering to raise funds.
The broader Topix edged up 0.1 percent to 1,554.44
and the JPX-Nikkei Index 400 added 0.03 percent to
(Editing by Simon Cameron-Moore)