Tokyo's benchmark Nikkei index edged up Monday on bargain-hunting and a weak yen, as many investors took to the sidelines while they looked for fresh trading direction after US elections. The Nikkei 225 index rose 0.09 percent or 19.63 points to close at 22,269.88, but the broader Topix index was down 0.06 percent or 1.03 points at 1,671.95.
Tokyo shares opened lower, tracking falls on Wall Street last week amid lingering worries over global economic growth. "But players were buying on dips, focused on companies showing positive results," said Daiwa Securities senior technical analyst Hikaru Sato. In Tokyo, investors were weighing corporate earnings reports that will continue through this week, while watching for July-September GDP figures due on Wednesday, analysts said.
The dollar was trading at 114.03 yen in Asian afternoon trade, against 113.79 yen in New York late Friday. "The yen's current level is positive for exporters, boosting hopes that they can upgrade their forecasts," Sato told AFP. "Since the US midterm elections - one of the biggest events this year - were over last week, players were looking for new elements to trade on," Sato said.
Automakers were among winners as Nissan gained 0.19 percent to 1,029 yen with Toyota also up 0.19 percent at 6,709 yen.
China-related shares recovered their early losses to close higher. Industrial robot maker Fanuc was up 2.57 percent at 20,085 yen with construction machinery giant Komatsu up 0.38 percent at 3,115 yen.