Tokyo stocks edge up on sound earnings

TOKYO: Tokyo stocks closed marginally higher on Wednesday as sound corporate earnings reports led by Toyota and other automakers supported individual shares.

The benchmark Nikkei 225 index -- which has been surging to three-decade highs -- rose 0.19 percent, or 57.00 points, to 29,562.93, while the broader Topix index gained 0.27 percent, or 5.28 points, to 1,930.82.

Stocks had opened lower as selling pressure hit the market, with investors locking in profits following recent gains.

But they closed in positive territory "as investors continued buying stocks in companies with strong earnings, led by Toyota," Daiwa Securities chief technical analyst Eiji Kinouchi told AFP.

"The market is somewhat overheating but buying appetite remains big," Kinouchi said, adding that it would be no surprise if the Nikkei were to top the psychologically important 30,000 mark soon.

The dollar fetched 104.59 yen in Asian afternoon trade, against 104.61 yen in New York late Tuesday.

Toyota gained 1.70 percent to 8,130 yen after it said net profit soared 50 percent in the third quarter and upgraded its full-year forecasts.

Nissan jumped 3.73 percent to 653 yen after it upgraded its full-year forecast for the second straight quarter.

Honda rallied 5.13 percent to 3,130 yen after it said net profit more than doubled in the third quarter and revised up its full-year forecast.

Japan Tobacco nosedived 7.46 percent to 1,990.5 yen after it announced a restructuring plan including an early retirement scheme for 1,000 jobs and the closure of several domestic plants.