Nikkei Gains 1.9% On Yen, Earnings
July 28, 2010 10:58
Tokyo's Nikkei average rose 1.9 percent on Wednesday, helped by a weaker yen and strong corporate earnings at home and abroad, with investors keen to see if it will decisively break above key resistance levels, which would be a catalyst for more gains.
Shares of Canon jumped more than 4 percent after the world's No. 1 camera maker reported its strongest profit in seven quarters, though it faces a tough second half due to Europe's economic woes and the yen's strength.
Japan's earnings season gets into full swing this week, with Sumitomo Mitsui Financial Group and Nippon Steel Corp reporting later in the day and Sony Corp on Thursday.
Market players are closely watching if the Nikkei will end the day above its key resistance levels, a move that will clear the way for further gains.
The Nikkei's next target likely stands around 9,750. The market rose broadly, with the weaker yen particularly helping shares of blue-chip exporters. Olympus Corp rose 2.8 percent to 2,342 yen, while Advantest Corp shot up 5.3 percent to 2,000 yen and Sony Corp added 2.2 percent to 2,595 yen.
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