Nikkei edges down as strong yen dampens mood

martes 7 de junio de 2016 22:20 GYT
 

* Dollar-yen determines Japanese market - analyst

* Chubu Electric rises on report it plans to apply for restart of Hamaoka No.5 reactor

By Ayai Tomisawa

TOKYO, June 8 (Reuters) - Japan's Nikkei share average eased on Wednesday as the strong yen soured investors' mood, while energy shares continued to benefit from higher oil prices.

The Nikkei edged down 0.4 percent to 16,611.45 points by late morning after earlier traversing positive and negative territory.

"The dollar-yen levels determine the Japanese market so people are staying cautious," said Toru Ibayashi, head of CIO Wealth Management at UBS Securities, adding that investors will likely stay on the sidelines for the next week.

"Whether it's Brexit or other events, when the currency market moves sharply, there will be volatility so most people are not taking positions."

The U.S. Federal Reserve will conclude a two-day policy meeting on June 15, followed by a Bank of Japan meeting on June 16. Traders doubt the Fed will hike rates this summer but expectations are growing that the BOJ will ease again this month or next unless the yen somehow stages a reversal.

Britain will vote on whether to remain in the European Union at a referendum on June 23.   Continuación...