Wednesday November 4, 2009
Japan stocks edge up Wed as investors await US Fed
TOKYO: Japanese stocks rose modestly Wednesday, nudged higher by an improving U.S. auto market and record high gold prices.
The benchmark Nikkei 225 stock average added 41.36 points, or 0.4 percent, to 9,844.31 after Japan's financial markets were closed Tuesday for a national holiday.
The broader Topix index added 0.1 percent to 881.27.
Trade was largely directionless as investors awaited comments by U.S. Federal Reserve after it wraps a two-day policy meeting later Wednesday.
Carmakers advanced after a new report overnight showed signs of stability in the U.S. auto industry in October.
Total sales of cars and light trucks were up 12 percent from a dismal September 2009, Autodata Corp. reported Tuesday.
Shares of Toyota Motor Corp. rose 1.1 percent to 3,610 yen amid media speculation that the company would raise its global sales target to 7 million vehicles.
The company was also expected to announce later Wednesday that it would withdraw from Formula One racing to cut costs.
Honda Motor Co. added 1.4 percent to 2,860 yen, and Nissan Motor Co. closed up 1.7 percent at 661 yen.
Nonferrous metals issues climbed after gold prices surged to a new high Tuesday on news that India's central bank bought $6.7 billion worth of gold from the International Monetary Fund.
December gold jumped as high as $1,087, before settling up 2.9 percent at $1,084.90 an ounce in New York.
Sumitomo Metal Mining Co. jumped 2.6 percent to 1,476 yen.
Shares of Fast Retailing Co. soared 4.4 percent to 15,790 yen.
The company, which posted robust growth throughout the recession, said October sales at stores of its flagship Uniqlo chain that were open at least a year rose more than 35 percent from the previous year.
Among the day's losers, semiconductor stocks tracked their American counterparts lower after Morgan Stanley downgraded the U.S. chip sector to "cautious" from "attractive," saying their recent advance was on its last legs.
Advantest Corp., maker of chip testers, fell 1.3 percent to 1,971 yen, while chip equipment producer Tokyo Electron Ltd. sank 5.1 percent to 4,850 yen.
In currencies, the dollar was trading at 90.46 yen from 90.30 yen late Tuesday. The euro stood at $1.4748 from $1.4717. - AP
Latest NYSE and other business news from AP-Wire
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