Nikkei rebounds on short-covering, yen; Sony tumbles

Tue Aug 6, 2013 2:35am EDT

TOKYO, Aug 6 (Reuters) - Japan's Nikkei share average rose 1
percent on Tuesday as Reuters story that a Japanese pension fund
might buy more stocks and the yen's retreat sparked
short-covering in a holiday-thin trade.
    The benchmark Nikkei gained 143.02 points to
14,401.06, after dropping as low as 14,031.61, while the broader
Topix rose 0.8 percent to 1,193.66 in thin trade, with
2.26 billion shares changing hands.
    Sony Corp was one of the notable losers, falling
4.6 percent and was the fourth most traded stock by turnover on
the main board after it rejected proposals from activist
shareholder Daniel Loeb of Third Point to spin off a part of its
entertainment business.
    The dollar reversed early declines against the yen after
sources told Reuters that the pension for Japan's civil servants
is considering changing its investment strategy to allow more of
its $80 billion to go into stocks and less into domestic
government bonds.
A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

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