Japan Stocks mixed on weaker yen, profit-taking

Headline indices of the Japan share market closed mixed on Friday, 12 April 2019, as upbeat mood on yen depreciation against the U.S. dollar and as latest data showed the U.S. economy remains on solid footing was offset by profit taking lingering uncertainty about the global economic outlook and as upcoming 10-day holiday in Japan. Total 20 subsectors of the total 33 subsectors of the Tokyo Stock Exchange declined, with shares in Oil & Coal Products, Mining, Pharmaceutical, Construction, and Precision Instruments issues being notable losers, whereas Information & Communication, Other Products, Services, and Insurance issues being notable gainers. At closing bell, the 225-issue Nikkei Stock Average was up 150.85 points, or 0.7%, at 21,862.23. The broader Topix index of all First Section issues on the Tokyo Stock Exchange dropped 1.17 points, or 0.07%, at 1,605.35.

Market participants concerns about the world's largest economy soothed after strong U.S. labor and inflation data. Data released on Thursday showed first-time filings for U.S. jobless benefits dropped to a 49-1/2-year low last week, pointing to sustained labor market strength. Overall producer prices increased 0.6% in March, the largest rise since October.

To mark the ascension of Japan's new emperor, the government has declared an unprecedented 10-day holiday from April 27 to May 6, which will the longest break ever for Japanese stocks and bonds.

Shares of Toshiba Corp. fell more than 3% after the Japanese conglomerate said that China's ENN Ecological Holdings Co. has scrapped an agreement to take over Toshiba's U.S. liquefied natural gas business.

Yaskawa Electric Corp shed 0.5% after the industrial robot maker forecast operating profit for the current business year through February to fall 6.6%.

Lawson Inc was down 12.4% after the convenience store operator cut its dividend forecast for the current financial year by 41%.

SoftBank Group jumped 3% after Uber Technologies Inc filed for an initial public offering, paving the way for the U.S ride-sharing company to go public next month. SoftBank is Uber's biggest investor.

CURRENCY NEWS: The Japanese yen, widely viewed as a safe-haven currency, depreciated against the dollar on Friday, after strong U.S. labor and inflation data soothed concerns about the world's largest economy. The U.S. dollar was trading in the upper 111 yen-range on Friday.

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