Nikkei edges up 0.4 pct, Softbank climbs
* Firmness in Asian shares helps Nikkei
* Support seen at 9,500
* Softbank climbs after UBS Securities raises price target
* Showa Shell Sekiyu surges on Saudi solar power business
TOKYO, June 24 (Reuters) - Japan's Nikkei stock average edged 0.4 percent higher on Wednesday as investors picked up some battered shares, with wireless carrier Softbank (9984.T) climbing after UBS Securities raised its target price.
Oil company Showa Shell Sekiyu (5002.T) gained 6.1 percent on its plans to start a solar power project in Saudi Arabia with Saudi Aramco. [ID:nT164026]
The Nikkei closed higher after finishing the morning slightly lower, as investors drew comfort from the firmness of other Asian stock markets .MIAPJ0000PUS after being nervous about the Nikkei's 2.8 percent decline the day before. But its gains were limited in the face of bearish technical signals and uncertainty ahead of the end of the U.S. Federal Reserve's policy meeting later on Wednesday.
"Since the Nikkei was near the key 9,500 level, that helped create a mood for investors to try some bargain hunting," said Mitsushige Akino, chief fund manager for Ichiyoshi Investment Management.
The Nikkei rose 40.71 points to 9,590.32 .N225, while the broader Topix rose 0.1 percent to 902.46 .
Investors are keenly awaiting the Fed's policy decision statement and are nervous about anything that could hint at interest rate hikes.
"The ideal result is for no change in policy and for the Fed to merely say that they might think about interest rates again later in the year, after the economy improves," said Tomomi Yamashita, a fund manager at Shinkin Asset Management.
Traders and analysts played down the impact of a newspaper report saying that Japanese Finance Minister Kaoru Yosano's political support group had accepted what appeared to be illegal donations from a dummy organisation. Yosano denied any wrongdoing. [ID:nSP118210]
The issue by itself is unlikely to lead to any sharp sell-off in Japanese shares, said Ichiyoshi Investment's Akino. This is partly because investors are already mindful of the possibility that the ruling Liberal Democratic Party could be ousted from power by the opposition Democratic Party in a general election due within months, Akino said. "But if this were to lead to the timing of the election being brought forward, or to the immediate resignation of (Prime Minister Taro) Aso, that could lead to some turmoil and things would be different," Akino added.
BEARISH SIGNALS
Even though the Nikkei has held above 9,500, bearish signals are showing up on technical charts. Continued...
