Tokyo stocks up 0.49% by break

Tokyo stocks rose 0.49 percent by the break on Wednesday as the yen gave up early morning gains, spurring investors to buy exporters.

The benchmark Nikkei 225 index recovered from early losses, gaining 51.18 points to 10,559.24, while the broader Topix index of all first-section issues was up 0.43 percent, or 3.78 points, to 875.66.

As the yen resumed its decline, shares in major exporters and financial firms cast off early losses, with Toyota up 1.34 percent to 4,155 yen and investment bank Nomura up 1.86 percent to 492 yen.

"The yen's resurgence was not something unexpected after falling so much over such a protracted period," Yoshihiro Okumura, general manager at Chibagin Asset Management, told Dow Jones Newswires.

"The market expects that it will resume its weakening trajectory. At this point, it's more a question of how much further it will fall than how much it will rebound."

In forex markets, the greenback was changing hands at 87.41 yen, up from 86.97 yen in New York Tuesday afternoon as Japanese importers and retail investors bought the US unit.

The euro bought 114.21 yen from 113.75 yen in US trade, while the single currency fetched $1.3075 from $1.3079 after weak economic data from Europe.

In Tokyo stock trading, defence contractors rose after news Japan plans to spend an extra $2.1 billion on beefing up its military over the next few months.

Mitsubishi Heavy Industries, Japan's biggest military contractor, jumped 4.98 percent to 442 yen with Toshiba rising 0.89 percent to 337 yen.

Shares in Softbank, which announced late last year its $20 billion takeover of Sprint Nextel, were down 2.09 percent to 3,040 yen after US satellite broadcast carrier DISH Network made a bid for Clearwire.

The move topped a Sprint Nextel offer for the wireless broadband firm, seen as a key part of the Softbank deal.

Japan Airlines lost 0.26 percent to 3,770 yen after one of the carrier's Boeing 787 Dreamliners was grounded in Boston Tuesday following a fuel spill, one day after another plane of the same type suffered a fire.

Tokyo Electric Power tumbled 0.93 percent to 212 yen and Kansai Electric was down 1.09 percent to 902 yen.

The falls came after the Nikkei business daily said Japan's nuclear watchdog was mulling tough safety measures that could cost the utilities hundreds of millions of dollars to bring reactors into safety compliance.

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