Nikkei edges up as yen's rise stalls; glass sector shines

  • Reuters
  • Stock Market News
Nikkei edges up as yen's rise stalls; glass sector shines
Credit: © Reuters.

TOKYO, Feb 8 (Reuters) - Japan's Nikkei share average edged up on Wednesday, swinging away from earlier losses as the yen's recent rise against the dollar stalled and upbeat earnings helped shore up market sentiment.

The Nikkei .N225 closed 0.5 percent higher at 19,007.60.

"The Nikkei dipped in the morning as the yen initially appreciated, but equities were bought back in the afternoon as the currency market stabilised," said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui Asset Management.

"Shares of companies that revised up their earnings forecasts are finding bids, but caution towards the Abe-Trump summit is limiting overall risk-taking activity."

Japanese Prime Minister Shinzo Abe and U.S. President Donald Trump are scheduled to hold a two-day summit starting on Friday, with trade and currency policy expected to be high on the agenda.

With Asahi Glass Co 5201.T surging more than 9 percent after raising its full-year forecast and announcing a share buyback plan, the glass sector .IGLSS.T rose 2.5 percent and was the best sector performer on the board.

Blue chips like Mitsubishi Chemical Holdings 4188.T and trading house Mitsui & Co 8031.T also posted solid gains after releasing upbeat earnings results.

The broader Topix .TOPX added 0.5 percent to 1,524.15 and the JPX-Nikkei Index 400 .JPXNK400 gained 0.6 percent to 13,673.03.

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