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    Market Report - Nikkei Slips on Yen


    by NTDTelevision

    In today's market report... Asian stocks inched higher, keeping a global rally alive, although the strong yen weighed on Japanese exporters.

    The Japanese currency hit a fresh 15-year peak, partly on speculation that Naoto Kan would beat Ichiro Ozawa and remain Japan's prime minister.

    Japan did not intervene in the currency market during Kan's three months as premier, while Ozawa has pledged to weaken the yen.

    Democratic Party lawmakers later voted to keep Kan as party leader and stay as prime minister.

    The result sent the yen down temporarily to another new 15-year peak of 83.01.

    Tokyo stocks slipped from a 3-week high ahead of the election result, with declines led by industrial robot-maker Fanuc and top automaker Toyota.

    Sydney stocks outperformed, as miners such as BHP Billiton rose for a second day this week on an improved metals demand outlook from China.

    The All-Ordinaries rallied to a fresh four-month high, closing a quarter-of-a-percent up.

    Other Asian markets traded mixed after Monday's rally, with investors eyeing U.S. retail sales figures due later on Tuesday.

    Hong Kong's Hang Seng found mild support from banking stocks while technology shares led Taiwan's benchmark to a half-percent gain.

    Real estate shares weighed slightly on the Shanghai Composite midday.

    South Korea's KOSPI eased back from 27-month highs, although shares of Hyundai Motor rose on news the carmaker would build a third plant in China.

    The benchmark index ended 0.2 (two tenths of a percent) percent down in Seoul.