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Tokyo stocks flat by break

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(Globalpost/GlobalPost)

Tokyo stocks were flat on Wednesday morning after early buying on a positive lead from Wall Street ran out of steam in the absence of fresh buying incentives.

The Nikkei 225 index edged up 0.01 percent, or 1.47 points, to 15,344.75 by the break, while the Topix index of all first-section issues was up 0.02 percent, or 0.27 points, at 1,273.54.

Japanese companies are reporting their April-June results starting this week, and solid figures have been largely factored into the market, analysts said.

"There are few catalysts to buy the upside," said Mitsushige Akino, chief fund manager at Ichiyoshi Investment Management.

"We know the April-June results are good. That couldn't be a driver to break the range."

In currency markets, the dollar was firm against most other major currencies, especially the euro, as easing US consumer inflation data pointed to the Federal Reserve keeping a steady course on interest rates.

The greenback bought 101.42 yen, compared with 101.45 yen in US trade, while it was also held up against the euro which bought $1.3463 in midday Tokyo trade from $1.3465.

Some electronics shares rose, with Sony edging up 0.92 percent to 1,697 yen by the break, while Sharp rose 1.85 percent to 329 yen.

On Wall Street, the Dow Jones Industrial Average rose 0.36 percent to 17,113.54 as a survey showed the highest level of existing-home sales in eight months in June.

-- Dow Jones Newswires contributed to this story. --

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http://www.globalpost.com/dispatch/news/afp/140723/tokyo-stocks-flat-break-1