Nikkei rises for 4th day on weak yen; Otsuka tumbles on M&A news
TOKYO, Dec 3 (Reuters) - Japan's Nikkei share average climbed for a fourth day on Wednesday as the dollar's rise to fresh seven-year highs against the yen supported sentiment, though gains were trimmed in late trade due to signs that the market is overheated. The Nikkei 225 ended 0.3 percent up at 17,720.43, the highest closing level since July 2007. It rose to a high of 17,881.76 earlier. Traders said there are signs that Japanese shares are overheated, with the toraku ratio, or up-down ratio, rising above 142. A level above 120 signals an overbought market. Bucking the broader market, Otsuka Holdings tumbled 5 percent on news that it will buy a U.S. drugmaker for about $3.5 billion. The broader Topix gained 0.1 percent to 1,429.75 in relatively heavy trade, with 2.52 billion shares changing hands, the biggest since Nov. 25. The JPX-Nikkei Index 400 was flat at 12,985.44. (Reporting by Ayai Tomisawa; Editing by Shri Navaratnam)
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