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Japanese stocks rose on Monday gains are limited and attention is on the North Korean and US top

2018-06-11 07:03 am | Resource: NEWS | No Views : 160

Japanese stocks rose on Monday, but gains were limited as investors focused on the top of North Korea and the United States, while Tokyo Electric rose as the result of local elections was positive for one of the nuclear power plants in the facility.

The Nikkei was up 0.2 percent at 22,740.40 in morning trade, after opening slightly lower, and the broader Topix was up 0.2 percent at 1,784.56.

The defense sectors, such as food and pharmaceuticals, outnumbered investors while risk aversion amid major economic and political events around the world.

US President Donald Trump arrived in Singapore on Sunday for a historic summit with North Korean leader Kim Jong-un that could lay the foundation for ending the old nuclear standoff.

"The market should be quiet this week because after the summit, there are meetings of the Federal Reserve and the European Central Bank, and investors are likely to remain cautious this week," said Masashi Oda, general manager of strategic investment at Sumitomo Mitsui Trust Asset Management.

The Federal Reserve is widely expected to announce an interest rate hike on Wednesday while the European Central Bank will discuss whether bond purchases will be concluded later this year.

"If US revenues rise sharply after the Federal Reserve meeting, the stock market may be hurt," Uda said.

Traders also said fears of a global trade war would likely continue after Trump threw G7 efforts to show a united front in chaos after Canadian Prime Minister Justin Trudeau was targeted.

Shares of food and pharmaceutical companies rose today, with Aginomoto gaining 1.7 percent, Kikkoman up 1.0 percent and Astellas Pharmaceutical rising 0.7 percent.

Tokyo Electric Power jumped 8.8 percent after the election of Haidio Hanazumi, a candidate supported by Prime Minister Shinzo Abe's ruling coalition as governor of Niigata.

Traders saw the vote as positive for the Tepko Kashiwazaki-Kariwa nuclear plant, which was shut down during the 2011 Hiukushima disaster.

Japanese media reported in April that the former governor had opposed restarting the seven reactors on the site, which is critical to Tepco's recovery plans.

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