TOKYO, June 22, 2023 (BSS/AFP) - Tokyo's Nikkei index hovered in a narrow
range Thursday following falls on Wall Street, as investors continued to bet
on more gains ahead.

The benchmark Nikkei 225 index zigzagged between positive and negative
regions in early trade and was down 0.10 percent, or 32.99 points, to
33,542.15 in mid-morning.

The broader Topix index added 0.56 percent, or 12.89 points, to 2,307.90.

The market was expected to have a "soft start" after overnight falls by US
shares, while investors continue to monitor if the Nikkei has the strength to
rebound or at least stop falling, brokerage house Monex said in a note.

Investor risk appetite has provided strong support for the Tokyo market,
which has gained around 30 percent this year.

But analysts have warned about overheating and corrections ahead.

And global investors are also bracing for continued tightening by major
central banks, particularly the US Federal Reserve.

Fed chair Jerome Powell told lawmakers on Wednesday that he needs to continue
raising interest rates to fight inflation, prompting major markets to head
south.

"US stocks traded lower on Wednesday as Fed Chair Powell's scheduled
Congressional testimony was greeted with a frosty reception by most stock
market participants," said Stephen Innes of SPI Assessment.

"Rising rates and hints of multiple hikes on the horizon" drove down tech and
other shares, he added.

The dollar stood at 141.82 yen, nearly flat from 141.87 yen seen in New York.

Among major Tokyo shares, Nintendo jumped 2.35 percent to 6,358 yen. Toyota
rose 1.33 percent to 2,248 yen. Nissan firmed 0.89 percent to 541.6 yen. Sony
Group added 0.19 percent to 13,495 yen.

SoftBank Group fell 1.63 percent to 6,824 yen.