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Tokyo shares end mixed in subdued trade
Tue, May 26, 2009
AFP

TOKYO, May 26, 2009 (AFP) - Japanese shares ended narrowly mixed on Tuesday as a stronger yen weighed on exporters and investors waited for fresh leads from Wall Street when it reopens after a long weekend.

The benchmark Nikkei-225 index fell 36.19 points, or 0.39 percent, to 9,310.81. The broader Topix index of all first section shares rose 0.77 points, or 0.09 percent, to 883.77.

Investors remained cautious as the dollar fell back below the 95-yen ($1.40) level. A stronger yen reduces the value of Japanese firms' overseas earnings and makes it harder for them to stay competitive against foreign rivals.

The market was also still wary about North Korea's announcement the previous day that it had carried out an underground nuclear test, dealers said.

The focus is now expected to turn to upcoming economic data including a US housing market survey due out later in the day and Japanese trade data scheduled for release on Wednesday, they added.

Electronics makers were among the companies hit by currency concerns. Canon fell 1.6 percent to 3,170 yen and Sony lost 1.2 percent to 2,465 yen.

But Toyota gained 1.1 percent to 3,600 yen after Merrill Lynch upgraded its rating of the shares to "buy" on hopes that its market share will grow on stronger sales of hybrid cars in the wake of General Motors' downsizing.

 

 
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