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Tokyo stocks up 0.12% by break

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(Globalpost/GlobalPost)

Tokyo stocks rose 0.12 percent in Wednesday's morning session, ahead of a speech by US Federal Reserve chief Ben Bernanke, with investors waiting for clues to the future of the bank's stimulus programme.

The Nikkei index at the Tokyo Stock Exchange rose 17.00 points to 14,489.90. The Topix index of all first section shares rose 0.27 percent, or 3.19 points, to 1,200.08.

European and US shares climbed Tuesday with the technology-heavy Nasdaq index posting its highest close since October 2000.

The Dow Jones Industrial Average advanced 0.50 percent as investors ignored the International Monetary Fund's lowered growth forecasts for the US and global economies.

"There is an upward bias among derivatives players for the Nikkei to settle around the 14,500 strike price when July Nikkei options expire this Friday," Kenichi Hirano, market advisor at Tachibana Securities, told Dow Jones Newswires.

"This is serving to defy the technical signs that show stocks are overbought."

The dollar eased to 100.98 yen from 101.12 yen in late Tuesday in New York. The euro bought $1.2779 and 129.05 yen compared with $1.2787 and 129.29 yen.

Mobile phone carrier SoftBank rose 1.04 percent to 5,800, while Olympus was up 2.35 percent at 2,997 yen clawing back some of the 5.4 percent it lost the previous day after announcing a massive equity increase plan.

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http://www.globalpost.com/dispatch/news/afp/130710/tokyo-stocks-012-break-0