Japanese shares seen to be rangebound this week

TPKYOO: JAPANESE shares are seen to be rangebound this week as investors focus on US and Chinese economic data, while any downside is likely to be limited by bargain hunting, brokers said.

“Stocks are likely to move in a tight range next (this) week with investors' eyes on economic data as well as the foreign exchange market,” said Hiroichi Nishi, equity general manager at SMBC Nikko Securities.

Tsuyoshi Segawa, equity strategist at Mizuho Securities, said: “There are not yet factors to drive up stocks to break through recent ranges.

“Uncertainties over the course of the Chinese and US economies are weighing on the market“.

In the week to June 10, the benchmark Nikkei Index at the Tokyo Stock Exchange added 0.23%, or 22.23 points, to 9,514.44. The Topix Index of all first section shares gained 0.10%, or 0.81 points, to 817.38.

Weaker-than-expected US nonfarm payrolls data for May reinforced the view that recovery is slowing in the world's largest economy, sending stocks lower and triggering dollar selling against the yen earlier last week.

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