Nikkei inches up on upbeat earnings from Yaskawa Electric

YASKAWA Electric

13/01/2021 02:42

TOKYO, Jan 13 (Reuters) - Japan's benchmark Nikkei stock
average inched up on Wednesday, supported by positive outlook
for corporate performance after Yaskawa Electric raised its
forecast driven by demand in China. 
    Nikkei share average  .N225  edged up 0.21% to 28,224.71 as
of 0153 GMT, while the broader Topix  .TOPX  inched up 0.02% to
1,857.53.
    Electrical equipment maker Yaskawa Electric  6506.T  raised
its operating profit forecast on Tuesday on healthy demand for
chips and electronic components in China. Yaskawa gained 2.21%. 
    Other chip-related shares also gained, with Tokyo Electron
 8035.T  jumping 3.97% and Advantest  6857.T  up 3.03%.
    "Positive earnings results of Yaskawa Electric is one of the
positive factors for Nikkei's gain today. They gave investors
confidence for other companies' performance," said Hideyuki
Suzuki, general manager for investment market research at SBI
Securities. 
    "Although there are some uncertainties, such as the pandemic
and developments in Washington, the market has been supported by
solid demand for stocks."
    The market opened with a slight decline as the Japanese
government plans to expand a state of emergency it declared for
the Tokyo region last week to seven additional prefectures in an
effort to stem the spread of COVID-19.  urn:newsml:reuters.com:*:nL4N2JN4GS 
    In the United States, some investors are cautious due to
developments in Washington after supporters of outgoing
President Donald Trump stormed the Capitol last week.
 urn:newsml:reuters.com:*:nL1N2JN31W
    Seven & I Holdings  3382.T  fell 0.59% even despite a
positive earnings outlook. 
    Toho Co  9602.T , the film distributor of "Demon Slayer",
fell 7.74%, becoming the largest loser on Topix index, even
after it raised its profit forecast on a big hit of the 
animated film which shattered a box-office record. 

 (Reporting by Junko Fujita; Editing by Shailesh Kuber)
 ((813-4563-2711, junko.fujita@thomsonreuters.com, Reuters
Messaging:junko.fujita.reuters.com@reuters.net;))