Nikkei flat as stronger yen caps risk appetite; Tokyo Electron shines

Sun May 18, 2014 9:58pm EDT

* Tokyo Electron jumps after Applied Materials soars
    * BOJ meeting, US and China data awaited this week
    * Exporters weak as dollar trades below 102 yen

    By Ayai Tomisawa
    TOKYO, May 19 (Reuters) - Japan's Nikkei share average was
flat on Monday morning as a stronger yen capped investors' risk
appetite, while the market was awaiting a series of major events
this week including a Bank of Japan policy meeting.
    Tokyo Electron Ltd jumped 6.3 percent after shares
in chip gear maker Applied Materials - which agreed in
September to buy the Japanese firm - soared Friday on strong
earnings results. 
    The Nikkei was flat at 14,096.88 in midmorning trade
after opening a tad higher. On Friday, it dropped 1.4 percent.
    Analysts said investors were staying on the sidelines as
they awaited events this week including the BOJ meeting, U.S.
economic data and a Chinese PMI report.
    "Since the majority of companies' earnings are over,
investors are trying to find cues from these events," said
Hikaru Sato, a senior technical analyst at Daiwa Securities.
    Maruetsu Inc soared as much as 14 percent to 382
yen, its highest level since March 2013. The Nikkei newspaper
said Aeon will consolidate its supermarket operations
in greater Tokyo by bringing three grocery store chains,
including Maruetsu, under a joint venture with trading house
Marubeni Corp.
    Major exporters were weak as the dollar traded at 101.54
, not far from a two-month low of 101.31 set on Thursday.
Toyota Motor Corp dropped 0.5 percent, Sony Corp
 shed 1.9 percent and Panasonic Corp fell 1.4
percent.
    The broader Topix declined 0.1 percent, while the
new JPX-Nikkei Index 400 was flat at 10,564.05.

 (Editing by Chris Gallagher)
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