June 5, 2017 / 2:21 AM / 2 months ago

Japan's Nikkei steady; strong yen caps, but index stays near 22-mth high

TOKYO, June 5 (Reuters) - Japan's Nikkei share average barely moved on Monday, capped by a stronger yen but retaining enough momentum to stay close to a 22-month high scaled the previous session.

At 0150 GMT, the Nikkei was up 0.1 percent at 20,197.80. after slipping earlier to 20,104.13.

It reached an intraday peak of 20,239.81 on Friday, its highest since August 2015 during a bullish week for global equities which saw Wall Street shares reach record highs.

"The selling momentum isn't strong enough to send the Nikkei significantly lower. Selling is mostly limited to light profit taking," said Yutaka Miura, senior technical analyst at Mizuho Securities.

"It's at a point where an emergence of fresh positive factors could send the index to further highs, but it could also break below 20,000 just as easily. There aren't many domestic incentives out there, so the market will continue to look at currencies and U.S. shares."

U.S. stocks closed at record levels for a second consecutive session on Friday, helping offset some of the negative pressure from a stronger yen. The yen gained against the dollar following Friday's weaker-than-expected U.S. non-farm payrolls report.

Faltec was up 0.55 percent after the automobile parts maker announced capital spending plans for its U.S. subsidiary.

Construction machinery sales and rental company Kanamoto Co was up 7 percent after it revised up its operating profit forecast for the year through October 2017 to 17.13 billion yen ($155.12 million) from 15.82 billion yen.

Hearts United Group Co, which works to remove defects in computer software and systems, climbed 8.2 percent after filings revealed that Tokyo-based fund Rheas Capital Works had acquired 5.19 percent of the company's shares.

The broader Topix was down 0.2 percent at 1,609.24 and the JPX-Nikkei Index 400 fell 0.25 percent to 14,349.48.

$1 = 110.4300 yen Editing by Richard Borsuk

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below