Tokyo stocks mixed by the close

Written By Unknown on Senin, 10 Desember 2012 | 16.41

TOKYO shares have closed mixed as better-than-expected US jobs data was overshadowed by poor Japanese figures and caution over talks in Washington aimed at averting the fiscal cliff.

The benchmark Nikkei 225 index on Monday inched 0.07 per cent higher, or 6.36 points, to 9,533.75, while the broader Topix index of all first-section shares slipped 0.22 per cent, or 1.76 points, to 788.48.

Upbeat US jobs data on Friday helped sentiment, although investors were nervously watching the US fiscal cliff budgetary impasse for signs of a new spending deal in the deeply divided US Congress.

Also helping sentiment, China released a series of figures on Sunday showing strength picking up in the world's second-largest economy.

"The positives certainly cannot be overlooked," said SMBC Nikko Securities general manager of equities Hiroichi Nishi.

But "there seems to be little hope of resolution in US fiscal cliff negotiations - a major negative", he told Dow Jones Newswires.

Many investors would wait on the sidelines ahead of Sunday's general election in Japan with main opposition leader Shinzo Abe, the frontrunner to become the country's next prime minister, vowing to pressure the Bank of Japan (BoJ) for more aggressive monetary easing measures to boost growth.

Official data on Monday confirmed Japan's economy contracted in the three months to September, stoking recession fears and speculation the central bank would launch further policy action.

Japan's October's current account surplus came in better-than-expected in separate data on Monday, but the broad measure of its trade with the rest of the world was still down about 30 per cent year on year.

The BoJ releases its key Tankan corporate sentiment survey later this week.

In Tokyo trade, Panasonic was 0.71 per cent lower at Y417, Sony lost 0.84 per cent to Y820 and Mitsubishi UFJ Financial Group lost 1.04 per cent to Y379.

On currency markets, the greenback bought Y82.37 in Tokyo, from Y82.46 in New York trade late on Friday, while the euro slipped to $US1.2891 and Y106.18 from $US1.2928 and Y106.64.


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