Japan stocks edge up on weaker yen, stalemate in U.S. stimulus talks weighs

  • Reuters
  • Stock Market News
Japan stocks edge up on weaker yen, stalemate in U.S. stimulus talks weighs
Credit: © Reuters.

By Stanley White

TOKYO, Aug 12 (Reuters) - Japanese stocks edged higher on Wednesday as some investors bought shares of major exporters on the back of a slightly weaker yen, although sentiment was cautious due to a stalemate in talks over additional U.S. economic stimulus.

The Nikkei 225 Index .N225 rose 0.36% to 22,832.63 by 0203 GMT, with the industrial and consumer discretionary sectors leading gains. The broader Topix .TOPX was up 0.85%.

A weaker yen inflates exporters' earnings when repatriated from overseas. The yen, which briefly fell to the lowest in almost three weeks on Wednesday, last traded at 106.68 per dollar JPY= .

Many investors are closely watching debates in Washington about economic stimulus, because Republicans and Democrats are struggling to agree the details of a package needed to support the world's largest economy.

The biggest percentage gainers in the index were environmental plant manufacturer Ebara Corp 6361.T , up 10.02%, followed by precision parts maker NSK Ltd 6471.T , gaining 5.13%, and Hitachi Construction Machinery Co Ltd 6305.T , up by 4.95%.

The top percentage losers in the index were Internet commerce firm Rakuten Inc 4755.T , down 6.94%, followed by drugs maker Eisai Co Ltd 4523.T , losing 4.68%, and Japan Steel Works Ltd 5631.T , down by 3.94%.

SoftBank Group Corp 9984.T fell 2.61% as investors booked profits following its earnings announcement after market hours on Tuesday. were 177 advancers on the Nikkei index against 42 decliners.

The volume of shares traded on the Tokyo Stock Exchange's main board .TOPX was 0.64 billion, compared with an average of 1.21 billion in the past 30 days.

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