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"In Japan, you have a series of very poor earnings and downward revisions due to a strong yen and Thai floods"
- Mattia Ciancaleoni, director of equity sales at Citigroup
Japanese stocks closed mixed on Friday amid uncertainty over the economic situation in Europe and weaker than expected earnings from local corporations. The Nikkei 225 advanced 0.16%, or 13.67 points, to 8,514.47, while the broader Topix erased 0.16%, or 1.17 points, to 729.13.
"In Japan, you have a series of very poor earnings and downward revisions due to a strong yen and Thai floods," said Mattia Ciancaleoni, director of equity sales at Citigroup Global Markets Japan Inc. "There's uncertainty over demand after the European Commission downgraded the outlook for Europe's growth and the U.S. doesn't seem to be taking much of the slack."
"The U.S. economy has significantly improved with increasing positive economic data," said Stan Shamu, a strategist at IG Markets in Melbourne. "Some companies with established earnings will get a bit of traction from investors who are looking into gaining a bit of value."