Nikkei edges up 0.3 percent, Elpida Memory rises
* Elpida rises, sources say it plans to seek govt funds
* Banking shares trim some of week's losses
* GS Yuasa slides, pulls back from week's highs
TOKYO, June 19 (Reuters) - Japan's Nikkei average rose 0.3 percent on Friday after reassuring U.S. jobs and manufacturing data boosted hopes for a global economic recovery, with investors picking up shares such as Canon Inc (7751.T) that fell earlier in the week.
Elpida Memory Inc (6665.T) rose 3.7 percent after three sources familiar with the matter said the chip maker plans to apply for tens of billions of yen in government funds this month to shore up its depleted capital. [ID:nT79113]
Shippers such as Mitsui O.S.K. Lines (9104.T) rose after Morgan Stanley stated a positive outlook on the sector over the longer term and lifted its ratings for Mitsui O.S.K. and Kawasaki Kisen (9107.T).
Tokyo shares seem likely to face profit-taking in the near term, said Masayoshi Okamoto, head of dealing at Jujiya Securities.
"This is probably not a full-scale pullback, but it is hard to say how long it will continue and what form it will take," Okamoto said.
The Nikkei stock average .N225 rose 29.41 points to 9,733.13 and the broader Topix edged up 0.4 percent to 914.70.
The benchmark Nikkei index is still down about 4 percent on the week, having retreated from an eight-month closing high of 10,135.82 hit last Friday.
"The 10,000 level is a gain of roughly 30 percent from the start of April. Anyone would sell if they have a 30 percent profit," Okamoto said.
The Nikkei hit an eight-month intraday high just below 10,200 last week, up 26 percent from its April 1 intraday low just under 8,100.
TRENDLINES BROKEN
Tokyo shares have faced profit-taking after their three-month rally partly because investors are reluctant to chase share prices higher amid worries that the outlook for capital spending and personal consumption remains cloudy.
While the Nikkei could rise above 10,000 again if investor confidence improves, recent market conditions point to some weakness, said Hiroaki Osakabe, a fund manager for Chibagin Asset Management. Continued...
