TOKYO, Sept 6 (Reuters) - Japan's Nikkei share average
inched up on Tuesday, as investors bought back stocks after four
straight sessions of losses, underpinned by gains in Uniqlo
clothing shop owner Fast Retailing and heavyweight chip makers.
The Nikkei index inched up 0.02% to 27,624.96 by the
midday break, after slipping into the negative territory
momentarily. The broader Topix was 0.04% lower at
The Nikkei was firm despite losses on the European stocks
overnight, after the euro dropped below 99 cents for the first
time in 20 years and European gas prices surged after Russia
said its main gas supply pipeline to Europe would stay shut.
"Investors bought back beaten down stocks, particularly chip
shares," said Shoichi Arisawa, general manager of the investment
research department at IwaiCosmo Securities.
"Japan's economy is supported by various government measures
and stable compared with other countries, which gives a comfort
Fast Retailing gained 0.27% and provided the
biggest support to the Nikkei.
Chip giants Tokyo Electron and Advantest
edged up 0.28% and 0.52%, respectively.
Overall, Japanese equities are underpinned by expectations
of domestic growth driven by various economic measures,
including further easing of border controls after tourism demand
was hurt by the COVID-19 outbreak, Nomura Securities strategist
Maki Sawada said.
"But caution about slowdown of the U.S. economy capped
Unitika surged 8.71%, even after the textile maker
was announced to be excluded from the Nikkei 225 in a regular
Maruha Nichiro fell 1% after the fishing company
was excluded from the Nikkei, while Hoya jumped 2,73%
after the eyeglass lenses maker was added to the index.
(Reporting by Junko Fujita; Editing by Rashmi Aich)