Fast Retailing and Nintendo boost Nikkei in range-bound trading
By Sam Byford
July 15 (Reuters) - Japanese shares edged up in range-bound trading on Friday, with Uniqlo parent Fast Retailing and video game maker Nintendo leading gains, while investors weighed fears of an economic slowdown as the market heads into a long weekend.
The Nikkei share average was up 0.58% at the end of the morning session.
The index jumped as much as 0.8% shortly after markets opened, but plunged into the negative territory before reversing losses.
The broader Topix index was down 0.02%.
Trading was also muted ahead of a long weekend, with markets closed on Monday for a public holiday.
"There aren't any clear external factors, so the market may keep a wait-and-see attitude until the close," a domestic securities broker said.
Investors are also awaiting the release of a U.S. retail sales report later in the day. Some market participants said that stock prices are likely to react negatively if the data indicates negative effects of inflation like consumer reluctance.
Fast Retailing Co Ltd was the best performer on the Nikkei, soaring 8.30%, after it raised its full-year profit forecast by 17%.
Nintendo Co Ltd gained 2.90% on plans of acquiring an animation studio and renaming it Nintendo Pictures.
Utilities companies rose early after Prime Minister Fumio Kishida said he wanted to have nine nuclear power reactors in operation by this winter, up from the current five.
Kansai Electric Power Co Inc was the biggest beneficiary at the break, up 1.75%.
Despite the Nikkei's overall gains, 195 of its 225 components fell. Engineering company JGC Holdings Corp was the worst performer, down 4.79%. (Reporting by Sam Byford and Tokyo markets team; Editing by Rashmi Aich)
