Nikkei stops short of 6-year high, Kyocera up

Tokyo, Jan 24: The Nikkei share average rose to its highest in nine months on Wednesday, but stopped just short of a 6-{ year peak, with shares of Kyocera Corp. and other exporters gaining on expectations that they will lift their earnings outlooks.

Shares of KDDI Corp. rose as investors bet Japan's second-largest mobile phone operator will book stronger-than-expected results when it reports its earnings on Thursday.

The Nikkei was up 0.73 percent at 17,535.63 as of 0048 GMT, having earlier come within about 10 points of the April high.

Market participants were keeping a close eye on the 2006 high of 17,563.37, set in April. A rise above that would put the benchmark at its highest since July 2000.

''The Nikkei is likely to break through (the April high) today,'' said Hideyuki Suzuki, an investment information manager at SBI Securities.

''It is just a matter of time''.

The broader TOPIX index was up 0.69 percent at 1,742.77.

Kyocera and other exporters gained, helped by expectations continuing weakness in the yen will prompt them to lift their earnings outlooks. The yen is hovering near a four-year low against the dollar.

Kyocera was up 1.2 percent at 11,220 yen.

KDDI rose ahead of its earnings on Thursday, adding 2.8 percent to 873,000 yen.

Shares of Sanyo Electric Co. were up 1.56 percent at 195 yen on media reports it and Goldman Sachs Group Inc. are looking to sell their stakes in leasing company Sanyo Electric Credit Co.

Reuters