Japanese Stocks Climb; Dollar Up vs. Yen

Associated Press


Japanese stocks rose slightly Wednesday for a third straight session, led by bank shares.

The benchmark Nikkei 225 stock index rose 25.07 points, or 0.14 percent to finish at 17,705.12 on the Tokyo Stock Exchange. On Tuesday, the index added 0.7 percent.

Traders said the market is vulnerable to overseas factors, particularly a drop on Wall Street or signs of a slowdown in the U.S. economy, Japan's biggest export market.

"The Nikkei is still top-heavy at 17,500, so banks may be sold on dips if negative factors hit, such as a U.S. stocks fall overnight," said Yutaka Miura, manager at Shinko Securities.

Gainers included Shinsei Bank Ltd., which rose 2.35 percent to 524 yen ($4.30). Auto and machinery shares also advanced, with Mazda Motor Corp. climbing 2.01 percent to 661 yen ($5.42) and Fanuc Ltd. rising 0.18 percent to 11,240 yen ($92.13).

The broader Topix index, which includes all shares on the exchange's first section, added 8.54 points, or 0.49 percent, to 1,740.08 points.

In currencies, the U.S. dollar was trading at 121.64 yen at 2:50 p.m. Wednesday, up from 121.57 yen late Tuesday in New York. The euro rose to $1.3460 from $1.3454.