| TOKYO, March 13
TOKYO, March 13 Japan's Nikkei share average
edged up on Monday to brush an 11-day high as the yen remained
on the defensive, although a wait-and-see mood ahead of this
week's U.S. Federal Reserve meeting curbed the market's advance.
Shares of Toshiba Tec Corp rose after a report that
its beleaguered parent Toshiba Corp was considering
selling shares in the company. Toshiba Corp denied the report.
The Nikkei was up 0.2 percent at 19,641.56 points
after touching 19,656.48, its highest since March 2. A rise
above 19,668.01 would take the index to a level not seen since
"The market is holding up well considering how much it had
already rallied in the previous session," said Mitsushige Akino,
chief fund manager at Ichiyoshi Asset Management, referring to
the Nikkei's 1.5 percent gain on Friday.
"But we have the Fed meeting coming up. An interest rate
hike by the Fed is almost fully expected, and with the yen
unlikely to weaken much further with a tightening mostly priced
in, participants are wary of taking domestic stocks much
Amid individual shares, Toshiba Tec was up 5.7 percent and
Toshiba climbed 3.7 pct. The Nikkei business daily reported that
Toshiba has selected an advisory firm to help find a buyer for
Toshiba Tec, a maker of cash register systems.
Toshiba is seeking to plug an upcoming $6.3 billion
writedown for its U.S. nuclear unit.
Shares of Gunze Ltd gained 2.5 percent after the
apparel and plastic film manufacturer said it will dissolve its
sputtering film production business in Taiwan.
Online game developer gumi Inc rose as much as 7.2
percent after it reported a net profit of 1.1 billion yen ($9.58
million) for the May 2016-Jan 2017 period, from a loss of 2.3
billion yen the previous year.
Shares of Litalico Inc advanced 5.2 percent after
an announcement that the operator of support enterprises for
infants and the disabled will be listed on Tokyo Stock
Exchange's first section starting March 17. It is currently
listed on TSE's (TSE) Mothers section.
Of Tokyo's 33 sub-indexes, 17 were in the red including
securities, which fell 0.6 percent after soaring
roughly 3 percent the previous day.
The broader Topix added 0.2 percent to 1,577.07
points and the JPX-Nikkei Index 400 was also 0.2
percent higher, at 14,114.25.
The dollar was a shade higher at 114.890 yen after
rising to as much as 115.510 on Friday, its strongest since Jan.
(Editing by Randy Fabi)