* Nikkei heads for 6th straight weekly gains
* Apple-suppliers fall after Apple shares fell
* U.S. Senate vote lifts dollar-yen
* Investors eye election results
By Ayai Tomisawa
TOKYO, Oct 20 (Reuters) - Japan's Nikkei share average edged up on Friday in choppy trade, in reach of posting its best daily winning streak in more than five decades, as a weaker yen helped stocks pare earlier losses.
During Asian trade, the dollar soared 0.5 percent to 113.09 yen after news that the U.S. Senate voted on Thursday to approve a budget blueprint for the 2018 fiscal year. This could pave the way for Republicans to pursue a tax-cut package without Democratic support. Nikkei .N225 opened 0.3 percent lower but trimmed its earlier losses. At 0207 GMT, it was up 0.2 percent at 21,483.92, heading for 14 straight days of gains. That would mark the longest daily winning streak since 1961.
For the week, it has gained 1.5 percent, on track to post six straight weekly gains, the longest weekly winning streak in a year.
The Nikkei had added more than 5 percent over the past 13 days supported by hopes that Japanese Prime Minister Shinzo Abe's ruling coalition will win the general election on Oct. 22.
Traders said that the market is prone to profit-taking before the election, but the weaker yen, which helps export competitiveness, raised investors' risk appetite on Friday.
"People were prepared to sell Japanese stocks on profit-taking, but now that there are expectations that U.S. stocks will rise later in the day, they don't want to sell," said Yutaka Miura, a senior technical analyst at Mizuho Securities.
"Stocks are pulled by those who want to take profits and those who want to chase the market higher."
Apple suppliers' shares were sold after Apple Inc AAPL.O stumbled overnight as doubts about its double 2017 iPhone release strategy weighed on investor minds. Manufacturing Co 6981.T dropped 1.7 percent, Alps Electric 6770.T tumbled 2.5 percent and Foster Electric 6794.T shed 2.4 percent.
Exporters, which rose recently, were mixed as some investors took profits. Toyota Motor Corp 7203.T gained 0.2 percent, Honda Motor Co 7267.T dropped 0.7 percent, while Hitachi 6501.T added 0.2 percent.
The broader Topix .TOPX was flat at 1,730.58.
(Editing by Sam Holmes)
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.