Tokyo share prices are likely to hold steady in the coming week, barring any negative shock from a closely watched US report on jobs, analysts said Friday. In the week to September 2, the Nikkei index at the Tokyo Stock Exchange rose 152.96 points or 1.74 percent to 8,950.74 despite a loss of more than one percent on the final day of the week to snap a six-day winning streak.
The Topix index of all first-section shares gained 13.71 points or 1.81 percent to 769.78.
Share prices sagged Friday on profit taking before the monthly US jobs data but they "will likely be solid next week unless the jobs data turn out to be very negative," said Yumi Nishimura, senior market analyst at Daiwa Securities. Nomura Securities said in a report that "it will be a positive surprise if the data are good."
"If there was no improvement (in the US labour market), it would increase the possibility of an announcement of new financial, employment and economy measures," it said.
Nishimura of Daiwa said the stock market was also getting support from hopes of stimulus measures by the US Federal Reserve ahead of its policy meeting on September 20-21 and a speech by President Barack Obama next week.
The Bank of Japan is to hold a two-day policy-making meeting from Tuesday with analysts saying it is unlikely it will announce any more credit easing.
It expanded a scheme last month to buy assets and boost liquidity to help safeguard the nation's post-quake recovery from the impact of a strong yen.
New Prime Minister Yoshihiko Noda's appointment of a relatively unknown 49-year-old lawmaker, Jun Azumi, as finance minister was "a surprise but was neutral" to the market, Nishimura said.
"We cannot say he (Azumi) is vastly experienced on financial and fiscal matters. He is likely to take over the previous government's policy," she said.
"There are neither high expectations nor negative reactions so far. We will watch his action (to make a judgement)."
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