Nikkei turns positive as dollar hits fresh high vs yen

miércoles 10 de septiembre de 2014 01:58 GYT
 

* USD/JPY hit fresh high in afternoon trade
    * Investors buy futures and exporters - traders
    * Pension fund buying speculated as Topix outperforms Nikkei

    By Ayai Tomisawa
    TOKYO, Sept 10 (Reuters) - Japan's Nikkei share average edged up on
Wednesday afternoon, erasing earlier losses after the dollar hit another
six-year high against the yen, which lifted exporters such as Honda Motor Co
 and Panasonic Corp.
    The Nikkei added 0.2 percent to 15,785.29 in afternoon trade, 
moving close to its seven-month high of 15,829.38 hit last week.
    Traders said investors bought futures and chased the cash market higher when
the dollar broke a psychological resistance level of 106.50 yen and
climbed as high as 106.56 in the afternoon.
    A trader at a foreign brokerage said the yen was pushing through an
important technical level that was giving investors more confidence. "The
weakness in the yen has not been reflected in the Nikkei. The Nikkei has
underperformed where it would normally be expected to go given this weakening of
yen against the dollar," the trader added.
    Exporters were higher, with Honda rising 0.9 percent and Panasonic advancing
0.7 percent.
    Other market participants pointed to speculation that pension funds might be
buying Topix funds as the Topix has outperformed the Nikkei. 
    Both the broader Topix and the JPX-Nikkei Index 400 
gained 0.5 percent.

 (Editing by Jacqueline Wong)