June 23 (Reuters) - Japanese stocks closed flat on Thursday,
after a topsy-turvy day of trading that saw the possibility of a
recession weigh on investors' minds.
The Nikkei share average was up 0.08% at 26,171.25
when markets closed, continuing to trade above the psychological
26,000 mark after having dipped as low as 25,520.23 on Monday.
Of the Nikkei's 225 components 106 made gains, while 116
lost value and three were flat.
The broader TOPIX index fell 0.05% to 1,851.74.
"When global markets are facing rate increases and
recession, Japan is positioned differently," said Shuji Hosoi,
senior strategist at Daiwa Securities.
"The Bank of Japan decided to keep its monetary policy
unchanged, and the economic activities have started picking up
since the COVID-19 restrictions were lifted."
But others had a murkier outlook.
"There is a strong sense of caution about an economic
slowdown caused by tighter monetary policy in the U.S.," said a
market participant at a domestic securities company this
Toshiba shares closed up 3.54% at 5,696 following a
Reuters report overnight that bidders are preparing a takeover
offer that would value the troubled conglomerate at 7,000 yen a
share, or about $22 billion.
The Nikkei's best-performing sector was utilities, up 1.14%
overall. Basic materials firms dragged on the index, losing
Tokio Marine Holdings Inc was the Nikkei's top
individual performer today, gaining 2.61%. Nippon Sheet Glass Co
Ltd and real estate company Tokyo Tatemono Co Ltd
both gained 2.60%.
Beverage manufacturers Sapporo Holdings Ltd, Asahi
Group Holdings Ltd, and Kirin Holdings Co Ltd
all saw gains of 2.60%, 2.34%, and 1.27%, respectively.
The worst performing stock on the Nikkei was Sumitomo Metal
Mining Co Ltd, which lost 6%.
(Reporting by Sam Byford and Tokyo markets team; Editing by