Nikkei edges higher as Nikon gains

Japan's Nikkei average edged up 0

Japan's Nikkei average edged up 0.30 per cent today as investors bought exporters such as Nikon after US manufacturing data rose to its highest in more than a year.

The Institute for Supply Management's factory index rose to its highest level in more than a year yesterday, surprising the US market and lifting the outlook for Japanese exporters, which rely on demand from the United States, the largest market for Japanese goods.

The Nikkei finished the morning up 54.83 points at 18,201.13 after earlier hitting its highest level since June 21st. The broader TOPIX index rose 0.15 per cent to 1,783.03.

Camera maker Nikon, which relies on the United States and other overseas markets for more than three quarters of its sales, rose 2.1 per cent to 3,470 yen. Honda Motor gained 1.1 per cent to 4,590 yen.

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Nippon Mining Holdings and other metal stocks advanced following a rise in base and precious metals prices.

Nippon Mining, Japan's largest copper smelter, rose 1.9 per cent to 1,195 yen. Sumitomo Metal Mining, a smelter of copper, nickel and gold, gained 1.6 per cent to 2,790 yen.

In US trade, copper prices rose to seven-week highs, helped by threats to supply, while lead hit a record high.