Japanese stocks inched higher on Monday, extending a three-day winning streak, as gains in automakers such as Toyota Motor Co helped offset declines in recent gainers such as insurers on a stabilising yen.
Takahiko Murai, general manager of equities at Nozomi Securities said the market generally lacks trading factors as U.S. markets were closed on Friday for Easter, as was most of Europe, which will also stay shut on Monday. "On top of that, we're approaching the Japanese corporate earnings season, and the market is unlikely to move much until then."
As of 0045 GMT, the benchmark Nikkei average was up 0.2 per cent or 28.94 points at 12,511.51. The Nikkei ended up 1.8 per cent at 12,482.57 on Friday, gaining 2 per cent for the holiday-shortened week. Murai said investors largely shrugged off a government survey that showed big Japanese manufacturers' confidence in business conditions sank to a new low in the three months to March.
The dollar steadied against the yen around 99.80 yen, staying well above a 13-year low struck last week thanks to a series of aggressive efforts by the Federal Reserve to ease the credit crisis.
Source: Sify
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