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Japan shares close up 0.73%

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(Globalpost/GlobalPost)

Japanese shares rose 0.73 percent Friday despite losses on Wall Street, as traders focused on a G20 meeting of finance chiefs and central bankers in Washington.

The Nikkei 225 index at the Tokyo Stock Exchange closed up 96.41 points at 13,316.48, while the Topix index of all first-section issues was 0.33 percent, or 3.70 points, higher at 1,126.67.

"Buying on dips sustained the bottom as individual investors who failed to catch up with the recent gains remain bullish," said Katsuhiro Kondo, an analyst with Tokyo Tokai Securities.

"But in general, market participants are cautious today as they are closely monitoring comments from the G20 meeting on the yen's recent fall," Kondo told AFP.

At the G20 meeting in Washington that finishes on Friday, Japan is expected to try to reassure other nations that it is not intentionally weakening the yen with recent easing measures.

The Bank of Japan this month unleashed a huge monetary package to kickstart the economy and bring an end to years of deflation. However, the move has led some to claim Tokyo is looking to give its exporters a trade advantage.

The dollar was trading at 98.62 yen in afternoon trade, against 98.23 yen in New York late Thursday. The euro fetched $1.3068 and 128.89 yen, against $1.3050 and 128.21 yen.

On Thursday, US stocks faltered again following disappointing business results while initial jobless claims numbers also missed targets for the fourth time in five weeks.

The Dow Jones Industrial Average fell 0.56 percent and the broad-based S&P 500 fell 0.67 percent.

"Signs are beginning to point to a less-than-robust US economic rebound," SMBC Nikko Securities general manager of equities Hiroichi Nishi told Dow Jones Newswires.

"This is a concern with Japan's corporate earnings reporting season set to hit high gear in the days ahead," Nishi said.

In Tokyo trade All Nippon Airways rose 0.98 percent to 206 yen and Japan Airlines was up 1.64 percent at 4,325 yen after a newspaper report said Japan plans to impose additional safety requirements on airlines flying the Boeing 787 Dreamliner.

GS Yuasa, the battery supplier for the 787 passenger jet, gained 1.48 percent to 410 yen following a 5.48 percent surge the previous day.

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http://www.globalpost.com/dispatch/news/afp/130419/japan-shares-close-073-0