Tokyo stocks down 0.29pct

Tokyo shares fell 0.29 percent giving up early gains as investors waited for policy meetings of the US and Japanese central banks later in the week.

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Tokyo - Tokyo shares fell 0.29 percent on Monday morning, giving up early gains as investors waited for policy meetings of the US and Japanese central banks later in the week.

The Nikkei 225 index at the Tokyo Stock Exchange was down 27.88

points to 9,533.48 by the break. The Topix index of all first-section issues slipped 0.34 percent or 2.78 points to 809.16

yen.

After opening higher following gains on Wall Street on Friday, Tokyo shares slipped as a wait-and-see mood took hold.

US stocks were boosted on Friday by better-than-expected earnings from blue-chips, said Tachibana Securities operating officer Kenichi Hirano.

However, market participants are unlikely to take any aggressive action ahead of Friday's much-awaited Bank of Japan meeting as well as several economic data releases, he said.

The central bank is to hold a policy meeting on Friday amid high hopes for further monetary easing.

“No major domestic catalysts are in sight during the trading hours,” he told Dow Jones Newswires.

Yakult Honsha, a major lactic acid drinks maker, was up 12.05

percent at 3,085 yen on a report that French food giant Danone was aiming for a higher stake in the Japanese firm.

Danone is in talks with Yakult to hike its stake to 28 percent from 20 percent currently, according to a weekend report in the Nikkei business daily.

But the talks appear to have run into difficulties and could fall apart, a development that could prompt Danone to launch a tender offer to boost its stake to around 35 percent, the report said.

“The share price will likely rise if both compete for control,” said an analyst at a Japanese brokerage. - Sapa-AFP

Source: http://www.iol.co.za/tokyo-stocks-down-0-29pct-1.1281628

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