Nikkei rises as dollar steady against yen; Tepco dives

Last Updated: Mon, Oct 17, 2016 12:05 hrs
Asia Markets

Japan's Nikkei share average rose in choppy trade on Monday as the dollar was steady against the yen, while Tokyo Electric Power stumbled after an anti-nuclear candidate won a Japanese regional election.

The overall market's mood had been supported by the dollar's return above 104.00 yen since Friday when upbeat U.S. retail sales data reinforced expectations for a December interest rate hike by the Federal Reserve.

Japanese stocks dipped in negative territory earlier when the greenback dipped below the 104.00 level, but stocks recovered after the dollar gained ground against the yen again.

The Nikkei ended 0.3 percent higher at 16,900.12.

"Performances in the Japanese market will likely depend on the dollar-yen levels until some companies start releasing their mid-year results later this week," said Masashi Oda, general manager of strategic investment department at Sumitomo Mitsui Trust Asset Management.

The broader Topix added 0.4 percent to 1,352.56 and the JPX-Nikkei Index 400 advanced 0.5 percent at 12,102.44.

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