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Japan's Nikkei edges up on sagging yen, Toshiba Tec up
March 13, 2017 / 2:31 AM / 8 months ago

Japan's Nikkei edges up on sagging yen, Toshiba Tec up

TOKYO, March 13 (Reuters) - Japan’s Nikkei share average edged up on Monday to brush an 11-day high as the yen remained on the defensive, although a wait-and-see mood ahead of this week’s U.S. Federal Reserve meeting curbed the market’s advance.

Shares of Toshiba Tec Corp rose after a report that its beleaguered parent Toshiba Corp was considering selling shares in the company. Toshiba Corp denied the report.

The Nikkei was up 0.2 percent at 19,641.56 points after touching 19,656.48, its highest since March 2. A rise above 19,668.01 would take the index to a level not seen since December 2015.

“The market is holding up well considering how much it had already rallied in the previous session,” said Mitsushige Akino, chief fund manager at Ichiyoshi Asset Management, referring to the Nikkei’s 1.5 percent gain on Friday.

“But we have the Fed meeting coming up. An interest rate hike by the Fed is almost fully expected, and with the yen unlikely to weaken much further with a tightening mostly priced in, participants are wary of taking domestic stocks much higher.”

Amid individual shares, Toshiba Tec was up 5.7 percent and Toshiba climbed 3.7 pct. The Nikkei business daily reported that Toshiba has selected an advisory firm to help find a buyer for Toshiba Tec, a maker of cash register systems.

Toshiba is seeking to plug an upcoming $6.3 billion writedown for its U.S. nuclear unit.

Shares of Gunze Ltd gained 2.5 percent after the apparel and plastic film manufacturer said it will dissolve its sputtering film production business in Taiwan.

Online game developer gumi Inc rose as much as 7.2 percent after it reported a net profit of 1.1 billion yen ($9.58 million) for the May 2016-Jan 2017 period, from a loss of 2.3 billion yen the previous year.

Shares of Litalico Inc advanced 5.2 percent after an announcement that the operator of support enterprises for infants and the disabled will be listed on Tokyo Stock Exchange’s first section starting March 17. It is currently listed on TSE’s (TSE) Mothers section.

Of Tokyo’s 33 sub-indexes, 17 were in the red including securities, which fell 0.6 percent after soaring roughly 3 percent the previous day.

The broader Topix added 0.2 percent to 1,577.07 points and the JPX-Nikkei Index 400 was also 0.2 percent higher, at 14,114.25.

The dollar was a shade higher at 114.890 yen after rising to as much as 115.510 on Friday, its strongest since Jan. 19. (Editing by Randy Fabi)

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