TOKYO, Jan. 7 (Xinhua) -- The Nikkei stock index edged up 0.01 percent Wednesday despite the market getting off to a poor start and falling into negative territory, investors started to buy back issues that had lost their value during the four-day rout.
The Nikkei 225 edged up 2.14 points to finish at 16,885.33, while the broader Topix index of all First Section issues on the Tokyo Stock Exchange lost 1.34 points, or 0.10 percent, to close at 1,359.80.
Traders here said that ahead of elections in Greece later this months and amid fears the cash-strapped country under a new leftwing leadership may opt out of the single currency union in Europe, investors here remained in a circumspect mood although the market moved into a positive direction in later trade despite a dreary start owing to markets in Europe and the U.S. closing down.
Analysts here also noted that crude oil falling to half the value compared to six months ago, continued to impact global markets, as both Iraq and Russia have committed to increasing their output to record levels which is seeing global prices pressured.
"It's hard to say how far crude will fall. The concern is that the economies of oil-producing countries will suffer," said Masashi Akutsu, an equity strategist at SMBC Nikko Securities Inc.
Other strategists also pointed to recent macroeconomic data from the U.S. that came in below median market expectations as adding to a dour market mood, but highlighted how the decline in oil prices was effecting different countries in different ways.
"The U.S. non-manufacturing data was worse than expected, slightly setting back the optimistic outlook on the U.S. economy. Oil's speedy decline is putting oil-producing countries in a really tough spot, but it's a plus for the Japanese and U.S. economies," said Hiroichi Nishi, an equities manager at SMBC Nikko Securities Inc. in Tokyo.
Automakers accelerated Wednesday, reversing recent losses, with Toyota Motor adding 1.5 percent to 7,407 yen, following the Aichi Prefecture based automaker saying it sold more than 1 million new cars in China in 2014 for the first time.
Hino Motors, a truck maker, gained 4.8 percent to close at 1, 600 yen, following an upgrade by JPMorgan Securities Japan Co. to "outperform."
Consumer electronics behemoth Sony Corp. leapt 4.6 percent to 2, 552 yen, after the company showcased new products at the Consumer Electronics Show in Las Vegas yesterday. The new offerings included an ultra high-definition hand-held action camera that uses the 4K video format as Sony is trying to go head-to-head with GoPro Inc. in the market for filming extreme sports.
In addition, Sony is reviving its time-honored Walkman, with a new model of the music player equipped with high-resolution playback and Bluetooth-connected headphones.
The new NW-ZX2 Walkman, Sony said, would cost about 1,200 U.S. dollars and is seen as a replacement for its high-end version introduced in 2013. The original cassette version that first earned Walkman its name, was finally retired in 2010 as digital. Mp3 players became more affordable and popular, particularly Apple Inc.'s i-Pod.
Among oil-related issues, Japan Drilling sank 2.4 percent to 4, 280 yen, while JX Holdings slipped 2.3 percent to end the day at 443 yen.
But Takata jumped 7 percent to 1,632 yen, after lender SMFG showed its support to the embattled auto parts maker, whose faulty airbags have been implicated in the fatalities and injuries in passengers overseas.
Ryohin Keikaku, operator of the Muji chain of interior goods retail stores, tumbled 9 percent to 13,430 yen, marking the biggest fall since October 2011, owing to third-quarter sales and operating profit coming in below par.
Trading volume on Wednesday dropped to 2.20 billion shares on the Tokyo Exchange's First Section, down from Tuesday's volume of 2.68 billion shares, with declining issues outnumbering advancing ones by 1,003 to 690.
