Nikkei up 1 pct as exporters, property stocks gain

TOKYO, Sep 19 (Reuters) The Nikkei average was up 1.1 percent on Tuesday as a weaker yen boosted exporters and property stocks gained on data showing average land prices in Japan's top three cities rose for the first time in 16 years.

On the other hand, Hitachi Ltd. hit a 15-month low after saying on Friday it now expects a loss instead of a profit this business year, due to costs to fix turbines it supplied to two utilities companies and growing losses on hard disk drives.

As of 0113 GMT, the Nikkei was up 1.06 percent at 16,035.58, rebounding from a 0.47 percent fall in the prior session and clearing 16,000 for the first time in a week. The broader TOPIX index was up 0.90 percent at 1,607.79.

''The market is stronger than I expected. The land price data is spurring on buying of real estate stocks,'' said Tatsuyuki Kawasaki, a director of Kaneyama Securities' equities trading division.

Digital camera maker Olympus Corp. was up 2.09 percent at 3,420 yen, boosted along with other exporters by the dollar's jump on Monday to a five-month high versus the yen above 118 yen The dollar was currently fetching about 117.9 yen.

Sumitomo Realty&Development Co. rose 1.47 percent to 3,450 yen after a government survey showed that commercial land prices in Tokyo, Osaka and Nagoya rose 3.6 percent in the year to July 1, reflecting Japan's economic recovery.

Hitachi was down 2.31 percent at 678 yen after earlier falling as low as 663 yen. The stock lost 3.1 percent on Friday after the earnings revision was made in afternoon trade.

Japan's financial markets were closed on Monday for a national holiday.

REUTERS PDS BST0745