Nikkei rises 0.6 pct, exporters up on Wall St, yen

Tokyo, Apr 17: The Nikkei average rose 0.60 percent on Tuesday led by exporters such as Advantest Corp. on a softer yen and following gains in similar stocks in the United States, one of the biggest markets for Japanese goods.

But with the lack of major events at home, the market awaits a string of U.S. economic indicators and earnings from technology companies such as Intel Corp. due on Tuesday, said Katsuhiko Kodama, senior strategist at Toyo Securities.

''Japanese stocks are rising following gains on global markets, though I initially expected investors to hold until they see Japanese corporate earnings results,'' he said.

Japan's earnings season kicks off in earnest towards the end of this month.

''But it's true Japanese stocks have been lagging behind, considering U.S. stocks have recovered from February's market sell-off.'' In the United States, stocks rallied on Monday, completing their recovery from a late February sell-off.

The Nikkei was up 106.53 points at 17,734.83 as of 0046 GMT. The TOPIX added 0.44 percent to 1,733.12.

The benchmark index logged 18,300 before the global sell-off.

In New York, the euro rose to a record high of around 162.43 yen earlier on Monday, before trimming gains to 162.07 yen by late afternoon trading, still up 0.5 percent on the day.

A weaker yen is a boon to companies that make the bulk of their sales abroad because it boosts profits when earnings from abroad are brought home.

Shares of exporters rose, with Advantest up 2.9 percent to 5,700 yen and Canon Inc. adding 0.8 percent to 6,670 yen.

Among other gainers, Duskin Co. Ltd. climbed 1.7 percent to 2,070 yen after the Nikkei business daily reported the company and trading house Mitsui&Co. plan to open Mister Donut shops in South Korea, with the first one to open in Seoul on April 27.

Reuters