Nikkei rises on US data; Mitsui Fudosan dives on share issue plan
* Mitsui Fudosan dives on share issuance news * More catalysts needed once Nikkei is above 14,500-analyst By Ayai Tomisawa TOKYO, May 28 (Reuters) - Japanese stocks edged up on Wednesday morning as strong U.S. data buoyed market sentiment, but further gains were expected to be limited due to a lack of fresh catalysts. Real estate developer Mitsui Fudosan Co dived 7 percent and was the most traded stock by turnover on news it would raise as much as $3.6 billion by issuing new shares. The benchmark Nikkei average was up 0.3 percent at 14,655.72 in midmorning trade, after dipping into negative territory earlier. Analysts said the upside may be limited on Wednesday after the Nikkei rose over the past four days helped by strong economic data from China and the United States. "Risk appetite is strong on bright global economic figures, but we don't have enough catalysts to chase the market higher once the index is above 14,500," said Hikaru Sato, a senior technical analyst at Daiwa Securities. He said the market is waiting for Prime Minister Shinzo Abe to flesh out the details of his growth strategy in June, the third arrow of "Abenomics" which is expected to include plans to cut corporate taxes. In the United States, orders for durable goods - which are manufactured goods meant to last three years or more - unexpectedly rose in April, and consumer confidence perked up in May, backing views of a rebound in economic growth. Exporters were mixed, with Toyota Motor Corp rising 0.5 percent, while Honda Motor Co fell 1 percent and Nikon Corp dropped 0.7 percent. The dollar was at 101.98 yen, within striking distance of a two-week high of 102.145 hit on Tuesday. The broader Topix added 0.3 percent to 1,198.73, while the new JPX-Nikkei Index 400 advanced 0.3 percent to 10,932.13. (Editing by Chris Gallagher)
© Thomson Reuters 2017 All rights reserved.