By Michael Kitchen
LOS ANGELES (MarketWatch) -- Japanese stocks reversed course late Friday morning to trade higher, as the yen weakened and as some retail earnings helped boost the market. Just ahead of the lunch break, the Nikkei Stock Average [JP:NI225] was up 0.8% at 9,668.75, while the Topix rose 0.5% to 845.56. Shares of Uniqlo-clothing retailer Fast Retailing Co. (JP:9983 11,940, +810.00, +7.28%) (FRCOF 128.25, -0.50, -0.39%) jumped 6.7%, after the company offered a earnings strong outlook, thanks to overseas operations, while operator of 7-Eleven stores Seven & I Holdings Co. (JP:3382 2,112, +40.00, +1.93%) (SVNDF 25.25, +0.05, +0.20%) moved off a more than 1% loss to trade up 2.7%, as investors looked past its warning for a profit drop and priced in its swing to profit in the December-February quarter. With the dollar moving back above the ¥85 level in Asian morning trade, some exporters advanced, with Renesas Electronics Corp. (JP:6723 639.00, +23.00, +3.73%) (RNECY 3.71, +0.01, +0.27%) up 4.6% and Panasonic Corp. (JP:6752 1,033, +14.00, +1.37%) (PC 11.96, -0.02, -0.17%) rose 1.1%. Banks also improved, with Mitsubishi UFJ Financial Group Inc. (JP:8306 393.00, +12.00, +3.15%) (MTU 4.47, +0.07, +1.59%) up 1.1%, and Sumitomo Mitsui Financial Group Inc. (JP:8316 2,580, +80.00, +3.20%) (SMFG 5.87, -0.04, -0.68%) ahead by 1.4%. |
