August 1, 2016 / 6:07 AM / 2 years ago

Nikkei edges up as yen's surge slows, financials gain

TOKYO, Aug 1 (Reuters) - Japan’s Nikkei share average erased earlier losses and edged up on Monday as a surge in the yen slowed.

The Nikkei gained 0.4 percent to 16,635.77 points, after falling to as low as 16,319.15.

Financials lead the way, with the banking subindex climbing 3.3 percent.

Shares of financial companies have been buoyant after the Bank of Japan refrained on Friday from charging more interest to institutions for parking their excess reserves at the central bank.

As part of its monetary easing the BOJ did opt to increase the amount of exchange-traded funds (ETFs), which has helped underpin the broader equity market.

The JPX-Nikkei Index 400 nudged up 0.04 percent to 11,885.15 and the broader Topix dipped 0.1 percent to 1,321.83. (Reporting by Shinichi Saoshiro; Editing by Kim Coghill)

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