Nikkei gains 1.9 pct on yen, earnings | business | Hindustan Times
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Nikkei gains 1.9 pct on yen, earnings

business Updated: Jul 28, 2010 08:43 IST
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Tokyo's Nikkei average rose 1.9 per cent 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 per cent 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.

"Risk-money appears to be coming back, albeit slightly, after UBS and Deutsche Bank reported bullish earnings. The weaker yen is also helping the market," said Hiroaki Kuramochi, chief equity marketing officer at Tokai Tokyo Securities.

"But as the market has been driven so much by external factors, it won't be a surprise if it loses ground when those factors worsen, such as an advance in the yen."