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Japanese shares inch higher in morning trade

Tokyo, Oct 7 (Calcutta Tube/DPA) Japanese stocks edged up in Thursday morning trading as some shares were propped up by monetary easing steps announced earlier this week by the Bank of Japan.

The benchmark Nikkei 225 Stock Average added 11.33 points, or 0.12 percent, to trade at 9,702.76 while the broader Topix index was up 4.48 points, or 0.53 percent, at 848.98.

Tokyo stocks opened lower as exporters were dragged down by a stronger yen. Overnight, the dollar hit a fresh 15-year low of 82.75 yen in New York. A stronger yen makes Japanese exports less competitive and erodes overseas profits when the revenues are repatriated.

Shares in real estate and financial sectors were still boosted by the central bank’s measures, leading to the Nikkei recovering late in the morning.

The bank decided Tuesday to revive zero-interest policy and to establish a 5-trillion-yen ($60 billion) fund to buy financial assets to address the yen’s rise and the nation’s slowing economic recovery.

On currency markets at 9 a.m. (0000 GMT), the dollar traded at 82.96-98 yen, down from Wednesday’s 5 pm quote of 83.10-12 yen.

The euro traded at 1.3916-3917 dollars, up from 1.3853-3855 dollars Tuesday, and at 115.47-48 yen, up from 115.12-16 yen.

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