Japanese stocks flat in morning trading

Japanese stocks were flat in Friday morning trading after profit-taking cancelled out initial gains, according to dpa. The benchmark Nikkei 225 Stock Average gained 1.62 points, or 0.02 per cent, to trade at 9,597.19 at the end of the morning session at 11:30 am (0230 GMT). The broader Topix index was up 1.85 points, or 0.22 per cent, at 831.20. Stocks had risen in four of the five previous trading days mainly because of the weakening yen. A weaker yen makes Japanese goods less expensive overseas and improves repatriated earnings. The Bank of Japan stepped up its purchases of government bonds last week, which sent the yen down. The tend led to initial buying Friday, but traders then turned cautious on worries the recent gains might have gone too far, analysts said. On currency markets at 11:30 am, the dollar traded at 80.06-08 yen, down from Thursday's 5 pm quote of 80.11-13 yen. The euro was quoted at 107.05-08 yen, up from 106.33-37 yen late Thursday, and at 1.3367-70 dollars, up from 1.3273-75 dollars.