The Nikkei Stock Average climbed 7.37 points, or 0.1%, to 9972.46 following a 1.0% rise Monday, the fifth straight advancing session. The Topix index of all Tokyo Stock Exchange First Section issues advanced 1.07 points, or 0.1%, to 865.18. September Nikkei 225 futures closed flat at 9960 on the Osaka Securities Exchange.
The Nikkei swung in and out of positive territory throughout the day, as investors lacked conviction amid a dearth of trading cues following Monday's Independence Day holiday in the U.S.
The market was supported by a continuing weak trend in the yen, which helps exporters, and an optimistic outlook for the U.S. and Chinese economies, analysts said. They said the Nikkei is likely to continue hovering around the 10,000 level ahead of Friday's U.S. jobs data.
"Investors are waiting to confirm the perception that the U.S. economy has overcome the soft patch that many feared could be the beginning of a slowdown," said Mitsuhige Akino, chief fund manager at Ichiyoshi Investment Management.
Banks and insurance companies led the gains, while retailer giant Fast Retailing slipped 1.8% to Y12,770 as June sales missed the company's own targets, analysts said. The company said Monday after the market close that domestic same-store sales at its Uniqlo clothing chain grew 3.9% in June from a year earlier, as the hot weather and the government-led "Super Cool Biz" campaign led to increased demand for summer clothing.
"We think the recent share price has reflected stock market expectations for Cool Biz-related items, and we could see a little disappointment from investors in the near term in light of the June sales figures," Nomura Securities analyst Masafumi Shoda wrote in a client note.
Shares in the Osaka Securities Exchange jumped 8.0% to close at Y390,000 on the Jasdaq Securities Exchange after the Asahi Shimbun reported that the Tokyo Stock Exchange is proposing a tender offer to take over the Osaka bourse. Market analysts attributed Tuesday's sharp rise in OSE shares to speculation that the TSE may have to offer a healthy premium to the current market level, since the report indicated OSE opposition to the proposal.
The TSE declined to comment, while a spokesman at the OSE said details of the report haven't been confirmed.
Among other individual shares, NEC climbed 1.6% to Y190 following a Nikkei report it will start offering a household power storage system at about half the price of competing products.
"With the supply chains of (Japanese) manufacturers recovering, there are expectations for the return of investment into information technology systems," said Naoki Fujiwara at Shinkin Asset Management.
Tokyo Electric Power, or Tepco, rose for the fifth straight day, closing 5.1% higher at Y413 amid expectations for progress in the utility's efforts to cool reactors at the crippled Fukushima Daiichi nuclear plant using a recycled water system. For the latest updates PRESS CTR + D or visit Stock Market news Today
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