Nikkei edges up before US job data; posts 1st weekly gain in 7 weeks

  • Reuters
  • Stock Market News
Nikkei edges up before US job data; posts 1st weekly gain in 7 weeks
Credit: © Reuters.

* Nikkei snaps 6-week losing streak

* Investors on sidelines before U.S. jobs data

* ANA soars on share buyback announcement

By Ayai Tomisawa

TOKYO, Sept 1 (Reuters) - Japan's Nikkei share average edged up on Friday, echoing Wall Street's gains, but trading was subdued as investors awaited U.S. job data for possible clues on the Federal Reserve's next move on interest rates and its impact on the yen.

The Nikkei .N225 ended up 0.2 percent at 19,691.47 points. For the week, it rose 1.2 percent, snapping a six-week losing streak.

Start-up firms attracted buyers, with the Nikkei Jasdaq index .NOTC rising 0.2 percent to record its ninth straight day of gains, while the Mothers market .MTHR advanced 0.6 percent.

Data on Thursday showed U.S. consumer spending rose slightly less than expected in July and annual inflation increased at its slowest pace since late 2015, which could make the Fed more cautious about another rate rise this year.

Friday's nonfarm payrolls report is expected to show that employers added 180,000 jobs in August, according to the median estimate of 93 economists polled by Reuters.

"Investors want to see if the yen will rise or fall after the U.S. jobs data, and they don't want to take large positions before a long weekend in the U.S.," said Yutaka Miura, a senior technical analyst at Mizuho Securities.

The dollar was stable against the yen. The dollar edged up 0.2 percent to 110.15 JPY= , well above this week's nadir of 108.265 yen.

Tech shares outperformed, with Advantest Corp 6857.T surging 2.0 percent, TDK Corp 6762.T rising 0.8 percent and Sony Corp 6758.T gaining 0.9 percent.

Automakers were mixed, with Toyota Motor Corp 7203.T being flat and Honda Motor Co 7267.T advancing 0.5 percent.

ANA Holdings 9202.T soared 2.9 percent after the airline company said it bought 32.7 million shares of its common stock for 13.35 billion yen in total on Friday. broader Topix .TOPX was up 0.1 percent to 1,619.59. The JPX-Nikkei Index 400 .JPXNK400 edged up 0.1 percent to 14,337.13. (Editing by Kim Coghill)

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