Japanese shares climbed Thursday morning with some export-oriented issues lifted by the yen's retreat against the euro and as investors picked up cheap stocks after recent losses, dpa reported. The benchmark Nikkei 225 Stock Average gained 23.48 points, or 0.28 per cent, to trade at 8,389.38 at the end of the morning session at 11:30 am (0230 GMT). The Nikkei fell 1.44 per cent Wednesday. The broader-based Topix index was up 3.01 points, or 0.43 per cent, at 709.47 after losing 1.56 per cent Wednesday. Some exporters were up as the euro rose against the yen. A weaker yen makes Japanese goods less expensive overseas and improves repatriated revenues. Shares in Sony Corp jumped 2.07 per cent, Toshiba Corp climbed 0.83 per cent, Toyota Motor Corp gained 0.5 per cent and Honda Motor Co was up 0.17 per cent. Canon Inc plummeted 9.19 per cent after the company Wednesday cut its full-year net profit outlook to 250 billion yen (3.2 billion dollars) for this calendar year from 290 billion yen that it had projected three months ago. Olympus Corp surged 9.24 per cent after medical equipment maker Terumo Corp said Thursday it has proposed a merger with the scandal-hit company. The Japanese maker of camera and medical equipment has been reeling from the revelation of a cover-up of massive investment losses. On currency markets at 11:30 am, the euro traded at 1.2136-2138 dollars, up from Wednesday's 5 pm quote of 1.2088-2090 dollars, and at 94.83-86 yen, up from 94.53-57 yen. The dollar was quoted at 78.12-14 yen, down from 78.20-22 yen late Wednesday.
