Published: Friday October 23, 2009 MYT 3:05:00 PM
Japan stocks rise on Wall Street gains
TOKYO (AP): Japan's benchmark stock index rose Friday, helped by a batch of better-than-expected US earnings, but gains were tempered by caution ahead of profit reports from big Japanese companies.
The Nikkei 225 index rose 15.82 points, or 0.2 percent, to 10,282.99. During the week, the key stock index added 0.2 percent. The broader Topix index fell 0.7 percent to 902.03.
"While the Nikkei index opened higher following overnight gains in New York, a rally ran out of steam toward the end of the afternoon session. Investors turned cautious ahead of earnings results next week" by major Japanese companies, said Yutaka Miura, senior strategist at Mizuho Securities Co. Ltd.
The Dow Jones industrial average jumped 1.3 percent Thursday, supported by Wal-Mart's projection for faster growth next year and a number of U.S. companies, including AT&T Inc. and McDonald's Corp., posting stronger earnings than analysts had forecast.
Among blue chips, Toyota Motor Corp. - the world's No. 1 automaker - fell 1.1 percent to 3,590 yen. Honda Motor Co. declined 0.9 percent to 2,805 yen. Nissan Motor Co. was up 0.3 percent at 658 yen.
Sony gained 0.8 percent to 2,670 yen. But Panasonic Corp. lost 2.3 percent to 1,250 yen.
Struggling Japan Airlines Corp., which is undergoing a major restructuring, dropped 6.6 percent to 114 yen.
Japanese Prime Minister Yukio Hatoyama met with the transport and finance ministers Friday to discuss the money-losing airline's restructuring. Finance Minister Hirohisa Fujii told reporters after the meeting that no decision has been made on how to proceed with the airline's rehabilitation.
In currencies, the dollar rose to 91.78 yen in Tokyo afternoon trade Friday from 91.31 yen in New York late Thursday. The euro fell to $1.4998 from $1.5020.
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