Nikkei little changed, Brother surges, strong yen hits drugmakers

lunes 8 de agosto de 2016 22:19 GYT
 

* Nikkei up 0.1 pct, early rise to 2-wk high invites profit taking

* Market lacks momentum after US jobs data boost, BOJ eyed warily

By Shinichi Saoshiro

TOKYO, Aug 9 (Reuters) - Japan's Nikkei share average was little changed by late morning on Tuesday as investors locked in profits, shaving the modest gains made during the index's earlier drift up to a 2-week high.

The Nikkei was up 0.1 percent at 16,670.47 after touching 16,696.24, its highest level since July 27.

The index initially advanced on residual momentum from the previous day's rally, when it rose 2.4 percent in response to robust U.S. jobs data and a weaker yen.

"It is an even mix of profit taking and cautious sentiment capping the market," said Soichiro Monji, chief strategist at Daiwa SB Investments.

"Prospects that the Bank of Japan may have to revise its monetary policy, not so it can accelerate it but rather for the contrary, is dampening market sentiment."

The BOJ, which has not seen much success in spurring inflation despite adopting extensive easing measures like taking interest rates below zero and purchasing huge amounts of government debt, will comprehensively review its monetary policy next month.   Continuación...