Japan's Nikkei edges higher, Tokyo Steel jumps

Wed Jan 22, 2014 1:21am EST

TOKYO, Jan 22 (Reuters) - The Nikkei stock average eked out
modest gains on Wednesday, with Tokyo Steel Manufacturing Co Ltd
 jumping after a robust earnings report. 
    The Nikkei ended 0.2 percent higher at 15,820.96
after trading as low as 15,631.41 following a BOJ decision to
keep monetary policy steady. A trader said some investors had
been hoping that the BOJ might further ease this time. 
    The BOJ also maintained its upbeat inflation forecasts,
suggesting that no imminent monetary easing is on the horizon as
the country's economic recovery broadens. 
    The broader Topix index was up 0.3 percent at
1,299.63, with 2.66 billion shares changing hands, the most this
week.
    The JPX-Nikkei Index 400, a recently introduced
gauge comprised of companies with a high return on equity and
robust corporate governance, added 0.3 percent to 11,728.57.
    Tokyo Steel, an electric furnace steelmaker, climbed 5
percent after returning to profit for the first ninth months of
the business year on firm domestic demand and cost cuts. Peer
Kyoei Steel Ltd gained 3.2 percent and Tokyo Tekko Co
Ltd added 1.5 percent.