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Nikkei pares gains on strong yen, automakers down

TOKYO
Tue Dec 2, 2008 9:15pm EST

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A man walks past a stock index board outside of a brokerage in Tokyo, December 2, 2008. REUTERS/Kim Kyung-Hoon

TOKYO (Reuters) - Japan's Nikkei average rose 1 percent on Wednesday after tumbling to a nearly two-week low the day before, with a strong yen weighing on exporters such as Sony Corp (6758.T) that had initially been boosted by bargain hunting.

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Automakers suffered, with Honda Motor Co (7267.T) down 5.5 percent in the face of a sharp drop in U.S. sales and a report by the Nikkei business daily that it is scaling back its overseas expansion plans.

The benchmark Nikkei .N225 gained 77.29 points to 7,940.98, having earlier edged above 8,000 after tumbling 6.4 percent on Tuesday. The broader Topix rose 0.8 percent to 793.00.

(Reporting by Elaine Lies)
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