Nikkei rises to near 8-month high on weak yen; focus on meeting with Abe and Kuroda

miércoles 10 de septiembre de 2014 21:59 GYT
 

* Sources say PM Abe and BOJ Gov Kuroda to meet at noon
    * Easing expectations raise risk appetite - analysts

    By Ayai Tomisawa
    TOKYO, Sept 11 (Reuters) - Japan's Nikkei share average rose
to a near eight-month high on Thursday morning as the weak yen
lifted sentiment ahead of a meeting later in the day between the
central bank governor and prime minister fuelled expectations
for additional easing.
    The Nikkei climbed 0.6 percent to 15,889.98 in
mid-morning trade after reaching up to 15,905.03, the highest
since mid-January. The broader Topix hit a six-year
high, rising 0.6 percent to 1,314.63.
    Bank of Japan Governor Haruhiko Kuroda and Prime Minister
Shinzo Abe will meet at noon 0300 GMT for a regular exchange of
views on the economy, sources said. 
    The focus will be on whether Abe will urge the Bank of Japan
to ease monetary policy further if the economic rebound from a
deep second-quarter contraction proved to be much weaker than
expected, analysts say. 
    "Stock market investors are seeing if the yen weakens
further while they expect Abe to pressure Kuroda," Daiwa
Securities analyst Kenji Shiomura said.
    In New York trade, the dollar hit a six-year high of 106.89
yen and remained a whisker away early in Asia. Exporters
got a boost, with Toyota Motor Corp rising 0.9 percent,
Sony Corp jumping 3.1 percent and Toshiba Corp 
soaring 2.1 percent.
    Dainippon Screen Mfg Co surged 2.9 percent after
the Nikkei business daily reported that the company would likely
reap profits from LCD panel-making equipment in fiscal 2014 for
the first time in four years.
    The JPX-Nikkei Index 400 gained 0.3 percent to
11,895.57.

 (Editing by Stephen Coates)