Nikkei turns down as Wall Street sours mood; caution over G20 meeting
* Investors still upbeat on Japanese equities * Focus turns to outcome of G20 meeting - traders * Internet-related stocks attract buying from retail investors - trader By Ayai Tomisawa TOKYO, April 19 (Reuters) - Japan's Nikkei share average edged down on Friday as negative sentiment from Wall Street outweighed the downward trend in the yen, but losses were contained as the market looked for direction from a meeting of the Group of 20 countries. The Nikkei fell 0.1 percent to 13,206.29 in mid-morning trade after opening higher. On Thursday, U.S. stocks were dragged down by disappointing forecasts by companies including eBay, while more soft data added to worries over the recovery in the world's largest economy. Still, investors remained upbeat about Japanese equities as the yen slipped against the dollar in a sign that investors expect little criticism of Japan's massive monetary easing campaign from the G20 meeting that began on Thursday. The dollar last traded at 98.14 yen, and if the yen weakens further, the Nikkei may recover its 5-day moving average of 13,261.70, analysts said. The dollar rose to a four-year high of close to a 100 yen last week. "If all goes well with Japan not facing criticism of its aggressive monetary policy by its international partners, the yen may weaken further and large-cap stocks may be bought," said Yoshiyuki Kondo, an analyst at Daiwa Securities. "For the time being there is still uncertainty so it is difficult to buy large-cap stocks but small shares are being bought." He cited Internet-related shares such as CyberAgent Inc and Colopl Inc, which have been popular and gained 1.8 percent and 8.6 percent, respectively. Exporters were mixed. Toyota Motor Corp dropped 0.6 percent while Honda Motor Co shed 1.3 percent. Sony Corp gained 0.7 percent and Komatsu Ltd added 1.5 percent. The Nikkei has gained over 50 percent since November when Shinzo Abe, who became prime minister in December, called for bold fiscal and monetary expansionary policies to revive the economy and end stubborn deflation. While institutional investors have taken a wait-and-see approach after the market's surge to nearly five-year high last week, "retail investors are finding opportunities in stocks with extraordinary growth" such as gaming and Internet-related sectors, a Tokyo-based trader said. The broader Topix fell 0.5 percent to 1,117.02. Analysts said investors have also started focusing on earnings-related news as Japanese companies begin releasing their full-year results next week. JX Holdings Inc shed 1.9 percent after the Nikkei newspaper said the petroleum refiner's net profit for the year ended March 31 appeared to have fallen below the company's forecast.
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