Japan's Nikkei rises 0.6 pct as yen eases slightly
(Updates to midmorning)
TOKYO, March 14 (Reuters) - Japan's Nikkei share average rose 0.6 percent on Friday, led by exporters such as Canon Inc (7751.T) after overnight gains on Wall Street and helped by some easing of the yen's sharp climb against the dollar a day earlier.
Oil and gas field developer Inpex Holdings Inc (1605.T) extended its gains after U.S. crude oil futures on Thursday hit a record intraday peak for the seventh straight session.
Still, the Tokyo market's gains are seen limited as investors remain cautious after the previous day's drop to a 2-½ year closing low.
"A wait-and-see mood is prevailing in such a rough market, where you are very likely to get burnt if you put your hands in," said Harushige Kobayashi, head of the research department at Maruwa Securities.
As of 0106 GMT, the benchmark Nikkei .N225 was at 12,564.66. The broader TOPIX index rose 0.3 percent to 1,219.48.
Digital camera maker Canon rose 2.3 percent to 4,550 yen and Sony Corp (6758.T) gained 3.3 percent to 4,440 yen.
The dollar has regained some ground against the yen after plunging below 100 yen for the first time in more than a decade. [FRX/] It was quoted around 100.76 yen JPY= in late morning trade in Tokyo.
The yen's sharp rise pushed up shares of some importers including paper mills.
Mitsubishi Paper Mills Ltd (3864.T) rose 6 percent to 193 yen and Nippon Paper Group (3893.T) climbed 3.2 percent to 225,000 yen. Nippon Paper said each one yen rise against the dollar increases the firm's operating profit by 700 million yen.
Inpex rose 3.2 percent to 1.28 million yen. The natural resources developer gained 10 percent in the previous two sessions.
Financials rose, tracking their U.S. peers, with Japan's third-largest bank Sumitomo Mitsui Financial Group (8316.T) up 0.7 percent at 683,000 yen.
Standard & Poor's said write-downs for large financial institutions are likely past the halfway mark, soothing investors' anxiety about the latest credit market fallout and increasing the allure of riskier assets.
Property shares extended their losses after data showing the number of new apartments put up for sale in the Tokyo area fell 28 percent in February from a year earlier, the sixth straight monthly decline. [ID:nTKB002995]
Sumitomo Realty & Development Co Ltd (8830.T) fell 3.2 percent to 1,557 yen and Mitsui Fudosan Co Ltd (8801.T) lost 2 percent to 1,872 yen. Mitsubishi Estate Co Ltd (8802.T) shed 1.1 percent to 2,305 yen . (Reporting by Taiga Uranaka; Editing by Chris Gallagher)
