Nikkei edges up, gains limited as market cautious on Fed outlook

domingo 21 de agosto de 2016 22:42 GYT
 

* Exporters gain ground as dollar stands high against yen

* Mining shares underperform hit by weak oil prices

By Ayai Tomisawa

TOKYO, Aug 22 (Reuters) - Japan's Nikkei share average edged up on Monday morning, but gains were limited as investors were cautiously focused on this week's meeting of global central bankers in Jackson Hole, Wyoming, where the U.S. Federal Reserve may provide an insight on the rate outlook.

The Nikkei rose 0.3 percent to 16.598.25 in mid-morning trade.

Traders said that anticipation of Thursday's Jackson Hole meeting is likely to set the market direction this week, with Fed Chair Janet Yellen scheduled to speak on Friday.

"Moves in the Japanese market will likely be dominated by the dollar-yen performances after the meeting," said Masashi Oda, general manager of the strategic investment department at Sumitomo Mitsui Trust Asset Management. "The market could move either way, but most people want some kind of signal at this point because they have long been frustrated with no direction in the market."

He added that investors will likely be relieved if the dollar stays between 100-105 yen.

On Monday, the dollar was up 0.4 percent against the yen at 100.59 yen, which helped exporters.   Continuación...