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Tokyo cautious ahead of BOJ decision
TOKYO, Japan -- Tokyo stocks have edged up cautiously at the open on Monday despite a Yomiuri daily report that final talks are under way to appoint conservative candidate Toshihiko Fukui as the next Bank of Japan governor. Fukui, now head of Fujitsu Research Institute, is considered unlikely to depart from the policies of current governor Masaru Hayami, whose five-year term ends on March 19. The Nikkei average was up 0.36 percent at 8544.22 in early trading while the the broader TOPIX index edged up 0.20 percent to 841.78. Many market players are hoping for the appointment of a radical candidate such as Nobuyuki Nakahara, a proponent of aggressive monetary steps such as inflation targeting that would likely weaken the yen and favour stocks. But traders say that regardless of who is chosen as the next governor the BOJ will be under pressure to take stronger measures to battle deflation. Prime Minister Junichiro Koizumi will make his decision after meeting with Finance Minister Masajuro Shiokawa later on Monday, the report said. (Full story) In Australia, the S&P/ASX200 index was up 1 percent shortly before noon local time at 2847.90. The CBA bank was leading the way, A49c firmer at A$25.14, while resources major BHP Billiton was also stronger gaining A22c to A$9.31. But leading telecoms company Telstra continued to slide, losing A3c to A$4.17. Across the Tasman Sea, New Zealand's market was slightly lower at 1907.03, a slip of 0.4 percent. In South Korea, the Kospi gained 1.53 percent to 612.26 while in Singapore the Straits Times index was 0.34 percent firmer at 1319.52 in early trading. U.S. stocks managed to close higher for the second week in a row on gains Friday, as investors bet that a U.S.-led military attack on Iraq is still a few weeks away. The U.S. Labor Department's report of a moderate increase in inflation also helped lift shares, the Dow Jones industrial average up 103.15, or 1.3 percent, to close at 8,018.11. (Full story) Reuters contributed to this report.
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