By Kevin Buckland
TOKYO, April 7 (Reuters) - Japan's Nikkei share average
rose on Friday, trimming its weekly decline, as a weaker yen and
higher Wall Street close overnight boosted sentiment.
However, with crucial U.S. jobs data due later in the day
and most major markets shut for Good Friday, investors were
loath to chase the market higher
The Nikkei ended the day up 0.17% at 27,518.31.
However that was well off the early high of 27,591.15, and the
index even briefly dipped into the red after the midday break.
Japan's equity benchmark lost 1.9% over the course of the
first week of Japan's new fiscal year. It reached a nearly
one-month high of 28,287.42 on Tuesday only to then slide with
global equities as a spate of weak U.S. economic data fueled
worries about a recession.
The broader Topix gained 0.21% to 1,965.44 on
Friday, trimming its weekly loss to 1.9%.
Fears that the Federal Reserve has overdone its tightening
campaign has magnified the importance of the monthly non-farm
payrolls report later in the day, although U.S. financial
markets will be shut for the holiday.
Provided the employment data doesn't prove game-changing,
however, Nomura Securities expects the Nikkei to move in a
narrow range next week, sandwiched between the 25- and 200-day
moving averages.
"The topside is heavy, but the bottom is firm," said Nomura
strategist Kazuo Kamitani.
Although the United States also has consumer price data next
week, Japanese stocks have become less sensitive to U.S.
inflation indicators, he said.
The safe-haven yen retreated overnight after reaching its
strongest level since March 28 earlier in the week, and traded
little changed on Friday at 131.805 per dollar .
That helped automakers in particular, with Mazda rising 1.95% and Subaru gaining 1.33%. Toyota ,
however, slipped to a 0.38% decline after unveiling its updated
electric vehicle strategy.
Seven & i Holdings , operator of the 7-Eleven chain
in Japan, was the biggest decliner, dropping 4% after earnings
results disappointed.
(Editing by Uttaresh Venkateshwaran)
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