Tokyo stocks edge up ahead of long holiday

(iStock)
(iStock)

Tokyo stocks inched up in sluggish trade on Monday amid a lack of fresh market-moving events as most foreign markets were closed and with 10 days of holiday looming in Japan.

The benchmark Nikkei 225 index rose 0.08%, or 17.34 points, to close at 22 217.90, while the broader Topix index was up 0.10%, or 1.69 points, at 1 618.62.

Tokyo shares opened lower "without fresh market-moving events," said Hideyuki Ishiguro, strategist at Daiwa Securities.

And investors are looking "to take profit ahead of 10 days of holidays during which key Chinese and US economic data are due," Ishiguro said.

US, European and a majority of Asian markets were closed on Friday and the Japanese markets will be closed from next Monday until May 6.

"But some investors bought back shares in firms expected to announce positive results," Toshikazu Horiuchi, a broker at IwaiCosmo Securities, told AFP.

"Also, investors welcomed stable foreign exchange rates," Horiuchi said, adding: "The current levels of the yen are good for exporters."

The dollar fetched 111.94 yen in Asian afternoon trade, against 111.91 yen on Friday in Asia.

"This week, Japanese corporate earnings are in focus," including precision motor maker Nidec on Tuesday and industrial robot maker Fanuc on Wednesday, Ishiguro said.

Nidec was up 0.28% at 15 820 yen but Fanuc was down 1.41% at 21 645 yen.

Investors are also watching the earnings of US IT giants Microsoft and Amazon later this week, he added.

Other potentially market-moving events this week in Asia's second biggest economy were results from gaming giant Nintendo and a meeting of the Bank of Japan.

Elsewhere in Tokyo trade, Toyota rose 0.07 percent to 6,963 yen as Nissan gained 0.55% to 944.5 yen but Nintendo was down 1.63% at 38 560 yen.

ZAR/USD
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(+0.36)
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21.23
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