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Tokyo's benchmark stock index gave up early gains to end flat Tuesday, as investors locked in profits after a weak yen pushed the benchmark share gauge to a nine-month high. The Nikkei has soared more than eight percent since getting hammered last Wednesday as Donald Trump surged to a shock victory in the US presidential election.
The gains have come on the back of an increase in the dollar against the yen - lifting exporters - as dealers bet Trump's planned stimulus and tax cuts will fan inflation and force the Federal Reserve to hike interest rates more than expected. A day after hitting a five-month high of 108.54 yen, the greenback dipped slightly in Asia to 108.18 yen. The strengthening in the yen suggested investors were "moving to pocket profits", Yoshihiro Okumura, general manager at Chibagin Asset Management Co, told Bloomberg News. "The focus is on how the US economy will move based on what US policies will turn out to be, but this will take time."
The Nikkei 225 index, which closed at its best level since early February on Monday, was down a marginal 0.03 percent, or 4.47 points, to end at 17,668.15. But the broader Topix index of all first-section issues was up 0.21 percent, or 2.98 points, at 1,402.98. Ad agency Dentsu tumbled 6.11 percent to 5,220 yen after its third-quarter results missed expectations, while Sony sank 1.77 percent to 3,203 yen and mobile giant SoftBank was 0.34 percent lower at 6,552 yen. However, Honda was up 0.32 percent at 3,098 yen and Toyota gained 0.43 percent to 6,064 yen. Mitsubishi UFJ Financial Group jumped 4.21 percent to 643 yen after the megabank announced a share buyback.

Copyright Agence France-Presse, 2016

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