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* Cut Fanuc losses
* Hitachi Construction bets on the hope of a solid mining business
By Ayai Tomisawa
TOKYO, April 25 (Reuters) – Japan saw a slight rise in its Nikkei on Thursday morning as investors sought profits from corporate profits and were awaiting a decision from the Bank of Japan.
The market is focused on the Bank of Japan's policy meeting, which is expected to maintain monetary policy.
The average Nikkei stock rose 0.4% to 22,280.99 in the middle of the morning after a slight decline.
The individual profits of the companies were taken into account, including those based on Chinese demand, such as manufacturers of industrial automation machines.
Fanuc Corp lost up to 3.1% after anticipating a 60% drop in net income for the fiscal year ending March 2020. However, it has recovered and lost 0, 5% after the market has revised its earnings forecast.
"Companies announce too conservative earnings forecasts based on their modest dollar-yen badumptions, but as the pair trade at around 112 yen, investors would downplay it even later, even if they were selling earlier." said Kazuhiro Takahashi, equity strategist at Daiwa Securities.
Another manufacturer of factory automation equipment, Keyence Corp, whose operating profit for the year of March was below market expectations, fell by 3.8%.
Hitachi Construction Machinery jumped 6% after the construction machinery builder forecast operating profit of 82 billion yen, down 26.4% year-on-year. However, the company's foreign exchange badumption is modest and forecasts a dollar at 100 yen. The dollar traded at 112.1 yen on Thursday.
SMBC Nikko Securities said that, if the market expects mining activity to peak, Hitachi's mining business is expected to increase 27% to 184.7 billion yen for Current year.
Canon lost 2% after lowering its forecast of operating profits to 274.0 billion yen, against 325.0 billion yen for the year ended in December, penalized by insufficient demand for equipment photo as more and more people take pictures with their smartphone.
The mining sector posted the worst sectoral performance after the fall in oil prices on Thursday, record US production and higher crude inventories softened the impact of tougher sanctions imposed on Iran by governments. -United. Inpex Corp declined 1.7%.
The broader Topix rose 0.3 percent. (Edited by Jacqueline Wong)
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