TR: Japanese shares close flat after earlier gains
Japanese shares closed flat on Wednesday on profit taking after earlier gains, as a weaker yen and a strong showing on Wall Street brightened investor sentiment, analysts said.
The headline Nikkei index of the Tokyo Stock Exchange edged down 7.20 points or 0.06 per cent to 11,089.94. The broader Topix index of all first section shares slipped 0.77 points or 0.08 per cent to 978.81.
The solid performance of US shares overnight encouraged investors, Daiwa Securities said, while the yen's relative weakness against the dollar also cheered players because a weaker currency boosts Japanese exports.
The dollar rose to Y93.19 in Tokyo afternoon trade from Y92.80 in New York late on Tuesday.
However, there was a reluctance to take strong positions ahead of the Bank of Japan's quarterly Tankan survey of business confidence due on Thursday and US jobs data Friday, Yumi Nishimura of Daiwa Securities told Dow Jones Newswires.
Among major exporters, automaker Nissan Motor closed flat at 801, while Honda Motor rose Y5 or 0.15 per cent to Y3,300. But Toyota Motor fell Y25 or 0.66 per cent to Y3,745.
Electronics giant Panasonic fell Y8 or 0.56 per cent to Y1,430. Office equipment and electronics maker Canon gained Y5 or 0.12 per cent to Y4,330.
