Nikkei rises as weak yen trend continues, Wall St strength supports

miércoles 24 de septiembre de 2014 22:13 GYT

* Profit-taking from steep rises may hit - analysts
    * U.S. economic strength helps sentiment

    By Ayai Tomisawa
    TOKYO, Sept 25 (Reuters) - Japan's Nikkei share average rose
after U.S. shares rebounded overnight on a strong economic
indicator, while continuing yen weakness buoyed exporters such
as Toyota Motor Corp and Panasonic Corp.
    The Nikkei share average rose 1.1 percent to
16,336.44 in mid-morning trade, just an inch away from its 
seven-year high of 16,364.08 marked last week.
    The benchmark fell for the past two sessions on
    "The market may stay strong as long as the dollar stays
above 109.00 yen," said Hikaru Sato, a senior technical analyst
at Daiwa Securities.
    But he added that there may be profit-taking at some point
as the Nikkei has risen sharply over the short term. The index
has soared nearly 6 percent since the beginning of this month.
    In the past week, the weakening yen drove exporter shares
higher and swept the market near to levels last seen before the
collapse of Lehman Brothers, before investors pocketed quick
gains early this week.
    Also helping sentiment was data showing new U.S. home sales
jumping sharply in August, easing concerns over the sector
stemming from Monday's weak existing home sales report.
    The weak yen trend continued, with the greenback pushing the
yen to reach 109.22 and looking set to re-test last
week's six-year peak of 109.46.
    Exporters were in demand, with Toyota rising 1.7 percent,
Panasonic climbing 1.0 percent and Fanuc Corp advancing
1.0 percent.
    The broader Topix rose 1.1 percent to 1,340.04, and
the JPX-Nikkei Index 400 gained 1.1 percent to

 (Editing by Eric Meijer)