Nikkei recovers on buy-backs
Japan's benchmark Nikkei index recovered early losses Tuesday morning as investors returned to buy back battered shares amid spreading fears over a possible US recession and the yen's advance against the US dollar. ( dpa )
The Nikkei 225 Stock Average went up 17.20 points, or 0.14 per cent, to 12,549.33.
But the broader Topix index of all first-section issues dipped 3.83 points, or 0.31 per cent, to 1,220.56.
At the market's opening, the Nikkei lost nearly 1 per cent and the Topix shed nearly 2 per cent as the US dollar was traded in the 101-yen level. A stronger yen hurts earnings of Japanese companies operating abroad.
On currency markets at 9 am (0000 GMT), the dollar was quoted at 101.45-50 yen, down from Monday's 5 pm quote of 102.04-07 yen.
The euro was quoted at 1.5335-40 dollars, down from Monday's 5 pm quote of 1.5383-86 dollars, and at 155.60-65 yen, down from 157.00-04 yen.