Tokyo stocks flat by break after three-day rally

Tokyo stocks flat by break after three-day rally
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Summary In forex markets, the dollar edged down to 113.65 yen from 113.69 yen in New York late Thursday

TOKYO (AFP) - Tokyo stocks were flat Friday morning, taking a breather after three days of gains despite a rise on Wall Street, as investors focus on a key US jobs report.

The report, which comes on the back of a string of improving data, is expected to show the US economy added 190,000 jobs in February and the unemployment rate held steady at 4.9 percent.

Traders are also keeping watch on events in Beijing where the government on Saturday heads into the National People s Congress, at which delegates will sign off on a new five-year economic plan.

The meeting comes after China on Monday cut the amount banks have to hold in reserve -- aimed at stirring lending and growth in the wider economy.

"US data continues to shine, oil continues to firm and risk appetite is coming back into all aspects of the markets," Angus Nicholson, market analyst at IG in Melbourne, wrote in an email to clients.

"No doubt expectations will be quite high for an announcement of significant further fiscal spending from China s National Party Congress over the weekend."

Japanese media said Friday that Tokyo had nominated economist Makoto Sakurai to the Bank of Japan s board to replace one of two policymakers whose term is set to expire.

Among them is outgoing member Sayuri Shirai, who in January opposed the bank s move to adopt a below-zero interest rate policy.

The BoJ s new policy was widely panned as desperate, and underscored the challenges facing Prime Minister Shinzo Abe s troubled attempts to kickstart the economy.

At the lunch break, Tokyo s benchmark Nikkei 225 index edged down 0.02 percent, or 4.10 points, to 16,956.06, while the broader Topix index of all first-section shares ticked up 0.07 percent, or 0.92 points, to 1,369.97.

In forex markets, the dollar edged down to 113.65 yen from 113.69 yen in New York late Thursday.

The strength of the yen is a key barometer for the profitability of Japanese exporters, and impacts demand for their shares.

Petroleum-linked stocks were boosted as oil prices held recent gains. Energy explorer Inpex surged 4.37 percent to 949 yen, while JX Holdings rose 1.12 percent to 475.8 yen.

Toyota ticked up 0.21 percent to 6,191 yen, while Uniqlo operator Fast Retailing, a market heavyweight, fell 0.52 percent to 34,350 yen.

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