Tokyo stocks edge up in morning on bargain-hunting

This file photo shows the Tokyo Stock Exchange. (Mainichi)

TOKYO (Kyodo) — Tokyo stocks edged up Wednesday morning as bargain-hunting after three consecutive days of losses offset selling following declines on Wall Street overnight.

The 225-issue Nikkei Stock Average rose 7.59 points, or 0.02 percent, from Tuesday to 40,682.14. The broader Topix index was up 10.18 points, or 0.35 percent, at 2,918.82.

The U.S. dollar weakened to the 148 yen line in Tokyo after U.S. Treasury yields declined ahead of the outcome of a Federal Reserve policy meeting.

At noon, the dollar fetched 148.03-04 yen compared with 148.43-53 yen in New York and 148.57-59 yen in Tokyo at 5 p.m. Tuesday.

The euro was quoted at $1.1563-1565 and 171.17-21 yen against $1.1539-1549 and 171.36-46 yen in New York and $1.1554-1555 and 171.66-70 yen in Tokyo late Tuesday afternoon.

Stocks were directionless as investors cautiously awaited the Fed outcome as well as the results of the Bank of Japan’s policy meeting starting later in the day, brokers said.

Some export-linked auto shares were sold on a firmer yen, which decreases exporters’ overseas profits when repatriated.