Tokyo stocks close mixed

Written By Unknown on Kamis, 14 Februari 2013 | 15.21

TOKYO stocks have closed mixed as the Bank of Japan holds off fresh monetary policy action and investors await the start of Group of 20 talks in Moscow.

The benchmark Nikkei 225 index ended 0.5 per cent, or 55.87 points, higher at 11,307.28. The Topix index of all first-section shares eased 0.22 per cent, or 2.14 points, to 954.88.

The Bank of Japan (BoJ) on Thursday held off announcing fresh policy action, following the announcement of an indefinite easing program last month, while serving up a rosier view of the economy.

Following a two-day policy meeting, the BoJ also held rates steady at zero to 0.1 per cent, as its Governor, Masaaki Shirakawa, prepares to step down, making way for new leadership widely expected to embrace Prime Minister Shinzo Abe's views on aggressive easing.

Official data on Thursday showed Japan's recession-hit economy shrank 0.1 per cent in the last quarter of 2012 from the previous three months.

In forex markets, the yen was volatile as speculation grows that Japan's easy-money policies could spark criticism from the G20, after the Group of Seven richest nations issued a statement this week calling on governments to hold off any intervention, apparently in a swipe at Tokyo

Critics, particularly in Europe, have accused Japan of engineering a steep decline in the yen over the past few months to boost exports, a claim it has repeatedly denied.

"It will be one of the most important (G20 meetings) for quite some time in terms of markets," Sean Callow, senior currency strategist at Westpac Institutional Bank in Sydney, told Dow Jones Newswires.

"The risk for currencies is whether there are strong comments from some of the many officials, with their different viewpoints, who will be surrounded by media in Moscow. So the potential for an impact to markets is not small."

In Asian trade, the dollar bought Y93.55 against Y93.46 in New York on Wednesday. The euro was flat at Y125.70.

Brewer Asahi Group was up 5.83 per cent at Y2,125 after it launched legal action in Australia against two private equity firms over claims it paid too much in its $1.3 billion takeover of New Zealand's Independent Liquor in 2011.

Exporters were mixed, with camera and copier maker Canon up 1.69 per cent to Y3,315, Toyota was down 0.31 per cent at Y4,815 and Toshiba was up 0.49 per cent to Y412.

Nippon Steel and Sumitomo Metal fell 3.02 per cent to Y257 after the world's second-biggest steelmaker said it was on track to lose Y140 billion ($A1.45 billion) in the fiscal year to March.


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