TOKYO stocks have closed mixed as profit-taking offset earlier gains fuelled by yen weakness that came on the back of poor trade data and speculation of further central bank easing.
The benchmark Nikkei 225 index at the Tokyo Stock Exchange on Tuesday inched up 0.04 per cent, or 3.54 points, to 9,014.25, while the broader Topix index of all first-section shares was down 0.58 per cent, or 4.35 points, at 749.37.
The Tokyo market started the morning in positive territory as the dollar briefly climbed above Y80, giving a boost to Japan's hard-hit exporters who have struggled with a strong domestic currency.
But profit-taking erased most of the early gains.
"Its a challenge for the market to charge ahead too much further without seeing some profit-taking after the Nikkei rose for the last six straight days," said Toshiyuki Kanayama, market analyst at Monex Inc. in Tokyo.
The yen, a safe haven during economic uncertainty, has come under pressure after Japan on Monday posted its worst September trade figures in more than 30 years, as the global slowdown and a territorial spat with China weighed on exports.
Adding to concerns about the economy, the Bank of Japan issued a downbeat quarterly report on Monday that pointed to slowing growth.
The downturn has stoked expectations of further easing by the central bank, heaping pressure on the yen.
"It's a relatively simple tale of a profoundly weaker yen that has been, and continues to fuel the market," Tatsunori Kawai, chief strategist at kabu.com Securities, told Dow Jones Newswires.
But "US corporate earnings have not been completely encouraging, and with Japan's earnings reporting season just starting up, investors remain apprehensive", Kawai added.
Camera giant Nikon was up 1.59 per cent at Y2,044, Panasonic gained 0.58 per cent to Y523 while mobile carrier Softbank ended 0.07 per cent higher at Y2,592.
But Toyota Motor was off 0.15 per cent at Y3,145 following a report that said Japan's biggest carmaker was likely to miss its target of producing more than 10 million vehicles globally this year because of a sales downturn in China.
On currency markets, the dollar bought Y79.91, slightly weaker than Y79.95 in New York trade late on Monday, while the euro bought Y104.24, compared with Y104.43 in New York.
The European single currency eased to $US1.3045 from $US1.3060.
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