Nikkei ends up

The Nikkei average edged up 0.09 percent on Wednesday as shares of Hitachi Ltd rebounded after the electronics conglomerate said it would return to profit this year, offsetting losses in Kajima Corp and other construction shares.
Some exporters such as Canon Inc advanced as the euro's rise to a record high against the yen brightened the earnings outlook of Japanese companies that earn much of their sales in the European market.
Soichiro Monji, chief strategist at Daiwa SB Investments Ltd, said the market was supported by bargain-hunting after the Nikkei booked its lowest close in two weeks the previous session, weighed down by weaker machinery orders data earlier in the week.
"I don't think market participants are bearish about the outlook for the market, as there is hope that other economic data will show strong readings," he said.
Investors are eager to see Japan's first-quarter gross domestic product data due on Thursday for further clues as to the health of the nation's economy. The Nikkei was up 16.02 points at 17,529.00. The broad TOPIX index shed 0.04 percent to 1,711.89.
Takahiko Murai, general manager of equities at Nozomi Securities, said the market was capped by selling from foreign investors who are disappointed at cautious earnings forecasts for the current business year from Japanese companies. "They are shifting money to other markets whose performance is better than Japan," he said.
Without buying from foreign investors, the Nikkei will have difficulty breaking ground above about 17,800 yen, as Japanese retail investors and pension funds are eager to take profits when the market nears that level, he said.
TDK Corp surged 6.4 percent to 10,510 yen after the electronic parts maker on Tuesday posted a bigger-than-expected 59 percent rise in its annual profit as solid demand for cellphones and flat TVs lifted component sales.
Hitachi shares were up 2.1 percent at 897 yen. The company posted a large loss on Wednesday on its struggling hard drive and thermal power plant units, but the deficit was smaller than expected and it forecast a return to profit this year as it cuts costs.
Among other notable gainers, Astellas Pharma Inc gained 1.5 percent to 5,310 yen after projecting 31 percent growth in recurring profit on lower research and development spending and strong sales of its transplant drug Prograf, beating an average prediction of 252 billion yen from 18 analysts polled by Reuters Estimates. Shares of Marui Co Ltd jumped 5.7 percent to 1,488 yen after it announced a plan to retire 11 percent of its treasury stock and buy back another 11 percent.
But Kajima tumbled 9.7 percent to 530 yen. The builder forecast on Tuesday that its group operating profit for 2007/08 will fall 22.5 percent from a year earlier to 43 billion yen, far below a consensus of 62.3 billion yen from nine analysts polled by Reuters Estimates.
After the close of trading, Sony Corp reported a wider quarterly loss due to losses at its game unit, but it forecast a sharp rise in profit this year as it boosts sales of its PlayStation 3 video game machine and LCD TVs.
US hedge fund Steel Partners said on Wednesday it intends to start a tender offer for all of the outstanding shares of Bull-Dog Sauce Co Ltd at 1,584 yen per share. Nearly 2.19 billion shares changed hands on the exchange's first section. Declining shares beat advancers by a ratio of about two to one.