TOKYO, April 23 Japan's Nikkei share average is
likely to open higher and may test a fresh multi year-high on
Tuesday on ongoing optimism about the outlook for growth on the
back of central bank and government efforts to revive the
Market players said the Nikkei was likely to trade between
13,500 to 13,700 on Tuesday. Nikkei futures in Chicago
closed at 13,595, up 0.3 percent from the close in Osaka
Wall Street's gains overnight should also underpin
sentiment, they said.
"Once the Nikkei tops 13,600, there will be some
profit-taking, so the benchmark is likely to hover around that
level," said Yutaka Miura, a senior technical analyst at Mizuho
Securities. "Investors will keep monitoring the currency market
The benchmark Nikkei climbed 1.9 percent on Monday to close
at 13,568.37, its highest closing level since July 2008, while
the broader Topix advanced 1.7 percent to 1,145.60.
The yen gained against the dollar on Monday but remained
within sight of the key 100-yen level after the Group of 20
leading economies refrained from criticising Japan's massive
monetary easing program, which has significantly weakened its
The yen weakened as low as 99.89 yen on Monday, according to
EBS trading platform. The Japanese currency was last traded at
99.35 to the dollar. Many traders expect the yen's
downtrend to persist due to the Bank of Japan's sweeping
monetary expansion programme unveiled earlier this month.
Government and central bank efforts to revive the economy
and end nearly two decades of stagnation have lured investors
back into Japanese equities in recent months.
The benchmark Nikkei has rallied 57 percent and the yen has
weakened 22 percent against the dollar since mid-November, when
Shinzo Abe, who became Prime Minister in December, promised bold
monetary and fiscal expansionary policies during his election
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STOCKS TO WATCH
Sprint Nextel said on Monday that its board had formed
a special committee of independent directors to review Dish
Network's $25.5 billion takeover bid for the No. 3 U.S.
Sprint had said last week that it would evaluate the Dish
offer, which challenges Sprint's October agreement to sell 70
percent of its shares to Japan's SoftBank Corp for
Panasonic will cut roughly 20 percent of the domestic jobs
at lithium ion battery operations this fiscal year through
voluntary retirement packages, the Nikkei newspaper reported.
--MITSUBISHI MOTORS CORP
Mitsubishi Motors plans to slash production capacity at its
facility in okayama prefecture by about 40 percent this year,
the Nikkei reported.
--MARUBENI CORP, NEC CORP
Marubeni plans to acquire NEC's mobile phone sales business
as it seeks to become more competitive in a crowded market, the
Lithuania aims to renegotiate the terms of building a
regional nuclear power plant costing 5 billion euros ($6.5
billion) with Baltic neighbours Estonia and Latvia and Hitachi
Ltd, Lithuania's prime minister said on Monday.