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Nikkei rises in choppy trade; defence-equipment shares up, but Toray dives
November 28, 2017 / 2:25 AM / 18 days ago

Nikkei rises in choppy trade; defence-equipment shares up, but Toray dives

TOKYO, Nov 28 (Reuters) - Japan’s Nikkei share average climbed on Tuesday in choppy trade, with stocks connected to defence buoyed by concerns North Korea may launch a missile, while Toray Industries dived after it said a subsidiary had falsified data.

The Nikkei had edged up 0.2 percent to 22,559.00 by mid-morning trade, after earlier trading in negative territory.

Toray plunged as much as 8.5 percent after the company said it will hold a news conference regarding data falsification at a subsidiary, in what could be the latest in a series of quality-assurance scandals to hit Japanese manufacturers.

Companies that make products related to defence soared, with a Japanese government source saying Japan has detected radio signals suggesting North Korea may be preparing for another ballistic missile launch, although such signals are not unusual and satellite images did not show fresh activity.

Howa Machinery Ltd, which makes firearms as well as machine tools and construction equipment, climbed 13.3 percent, gas mask maker Koken Ltd gained 3.1 percent, and flare and smoke marker manufacturer Hosoya Pyro-Engineering Co surged 7 percent.

The broader Topix added 0.2 percent to 1,780.82. (Reporting by Ayai Tomisawa; Editing by Joseph Radford)

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