Japan stocks swing in early trade, Nikkei surges 0.1%

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TOKYO: Japanese stocks moved up, down and all around in early Thursday action, with the most heavily weighted blue chips trading mixed in the face of a rising yen and overnight gains on the U.S. stock exchanges. About 15 minutes into the morning session, the Nikkei Average NIK, -0.14% was 0.1% higher, while the broader Topix saw a more robust 0.4% advance. The dollar USDJPY, +0.20% was about half a yen lower than at the previous Tokyo stock close, buying ¥119.01, compared to ¥119.56. The forex action appeared to hinder some of the tech and industrial exporters with Toshiba Corp. 6502, -0.56% TOSYY, -0.12% down 0.5%, TDK Corp. 6762, -0.70% TTDKF, +7.54% down 0.8%, and robot maker Fanuc Corp. 6954, -1.62% FANUF, -1.19% down 1.2%, given its large exposure to China, which posted weak March economic data the previous day. But other names saw gains, including a 1% rise for Panasonic Corp. 6752, +0.32% PCRFF, -0.51% and a 2.8% rally for Nintendo Co. 7974, +3.74% NTDOF, +3.78% and with Sony Corp. 6758, -2.70% SNE, +1.99% extending its recent gains by 0.5% amid hope for its sensor business. Other globally exposed companies were also mixed, as Uniqlo owner Fast Retailing Co. 9983, -0.96% FRCOF, +0.95% fell 0.7%, but Softbank Corp. 9984, +1.11% SFTBF, +2.47% rose 1.6%, possibly helped by a 1% rise for shares of its listed U.S. unit Sprint Corp. S, +1.00% during Wednesday trade in New York. Stock in Toyota Motor Corp. 7203, +0.06% TM, +0.30% added 0.2% after reports the auto maker would spend about $1.4 billion to build new plants in Mexico and China, while Casio Computer Co. 6952, +3.66% CSIOY, +1.84% enjoyed a 3.4% gain, perhaps boosted by buzz surounding its new scientific calculator that includes spreadsheet functions. A bevy of Nikkei news reports previewing the upcoming earnings season also fueled some gains, with ball-bearing maker Minebea Co. 6479, +1.73% rising 2.8% on word its fiscal 2014 operating profit surged by 86%, and chemical maker Showa Denko KK 4004, +4.49% gaining 4.5% on expectations it will post significant profit gains this calendar year, even as first-quarter operating income is tipped to drop by 50%. Also getting a boost from a Nikkei news item, car-navigation makers Clarion Co. 6796, +5.56% and JVC Kenwood Corp. 6632, +0.51% advanced 7.3% and 3.4%, respectively, on forecasts of major earnings gains.