Stable yen buoys flat Japan market
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Investors continue to shun the NAB.
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TOKYO, Japan (Reuters) -- Japanese stocks opened firmer with Mitsubishi Estate Co and other real estate firms among early gainers, helped by firmness in European shares while U.S. bourses closed for a holiday.
An apparent halt in the yen's ascent is also likely to support the Tokyo market, exporters in particular, analysts say.
The Nikkei was up 0.20 percent at 11,058.72 after ending the previous session at a three-month high. The broader Topix index rose 0.25 percent at 1,074.82.
Chugai Pharmaceutical Co leapt 6.03 percent at 1,565 yen after the Japanese affiliate of Roche Holding AG lifted its profit forecast for the April-December period.
It now expects to post a group net profit for the nine months to December 31 of 28.40 billion yen ($264.7 million)
Other markets were flat across the region.
South Korea's Kospi was slightly behind the pace in early trading, falling 0.24 percent.
The New Zealanders stayed in positive territory, edging up 0.55 percent to take the NZSE Top 50 Index to 2510 points.
Singapore's Straits Times Index immediately began in positive territory, up 0.44 percent.
In Sydney, Australian stocks opened slightly firmer, extending gains made a day earlier. The lack of a lead from Wall Street because of the U.S. public holiday is likely to keep the market subdued.
The benchmark S&P/ASX 200 moved 4.1 points, or 0.03 percent, higher at 3,303.5 in early trading.
The Australian dollar sank to a two-week low of US75.30c overnight, pulling back further from a six-year high of US78.13c reached on January 13. In the first two hours, it moved marginally higher to US75.55c.
Benefiting from the stem in the dollar's rise, resource stocks BHP Billiton rose 0.9 percent to A$11.80 while Rio Tinto advanced 0.5 percent to A$37.02 ahead of its fourth quarter production figures due out on Wednesday.
Investors continue to shun National Australia Bank after rating agency Fitch said it may cut the bank's ratings following Monday's announcement that it faced further foreign exchange losses.
The bank eased 0.6 percent to A$29.65. NAB said earlier it may finally lose A$600 million in rogue trades, rather than the already confirmed A$185 million.
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Reuters. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
