Tokyo stocks close flat
Friday, 6 June 2014
TOKYO, June 5 (AFP): Tokyo stocks ended marginally higher Thursday, marking a fourth straight gain, but earlier rises were pared by a stronger yen.
The benchmark index edged up 11.41 points to 15,079.37, a more than two-month high, while the Topix index of all first-section shares slipped 0.10 per cent, or 1.20 points, to 1,232.75.
Traders were given a healthy lead from New York, where shares ticked up on broadly upbeat data. The Institute for Supply Management said activity in the services sector surged in May.
Also, the Federal Reserve's "Beige Book" report said all 12 districts of the country saw increasing economic activity in recent weeks. That compares with April's report, which showed two districts saw a decline in activity.
However, payrolls company ADP said the US private sector created a net 179,000 new jobs in May, its lowest level in four months.
The S&P 500 rose 0.18 per cent, the Dow edged up 0.07 per cent and the tech-rich Nasdaq gained 0.41 per cent.
Investors are also keeping tabs on a European Central Bank (ECB) meeting later in the day with expectations of a rate cut to ward off deflationary signs in the eurozone.
Japan's premier is expected to unveil a new slate of policies this month to stoke growth in the world's third largest economy, while the Japanese public pension fund may soon boost the portion of stocks in its huge portfolio. Abe is also looking to cut one of the highest corporate tax rates among G7 nations.