Nikkei Rises as Yen Stops Strengthening

Markets Reuters

(Reuters)

Japan's Nikkei share average rose on Wednesday as the yen's appreciation slowed, but gains were limited as investors continued to worry about some policies of President Donald Trump's administration.

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The steel sector was the best sectoral performer on the board, helped by a strong earnings forecast from JFE Holdings.

The dollar had slumped after Trump and his trade adviser Peter Navarro on Tuesday singled out Japan, China and Germany as key U.S. trading partners engaged in devaluing their currencies.

But the U.S. currency recovered and traded above 113 yen in afternoon trade, lifting overall sentiment about Japanese shares.

The Nikkei, which was down in early trade, ended 0.6 percent higher to 19,148.08.

The broader Topix gained 0.4 percent to 1,527.77, with 28 of its 33 subsectors in positive territory.

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The JPX-Nikkei Index 400 also rose 0.4 percent to 13,696.93.

Later on Wednesday, the U.S. Federal Reserve is expected to keep interest rates unchanged when it concludes a two-day meeting, its first policy decision since Trump took office.

(Reporting by Ayai Tomisawa; Editing by Richard Borsuk)