Japanese shares flat

offset by improved sentiment on a surprisingly strong performance by Sony, brokers said.
The benchmark Nikkei index at the Tokyo Stock Exchange, which closed at a five-week low on Monday, slipped 8,10 points, or 0,09 percent, to 9 452,53 by noon.
The Topix index was off 0,10 percent, or 0,81 points, at 816,87.
“Japanese shares are unlikely to be a key selling target (when global stocks are weak) since they have already been laggards and are undervalued,” said Okasan Securities strategist Hideyuki Ishiguro.
Sony opened lower but ended the morning session up 2,30 percent at
2 262 yen despite its announcement after the market’s close Monday that it expected to post a US$3,2 billion net loss for the fiscal year ended March.
Investors were relieved with the news from Sony, which is reeling from Japan’s March earthquake and tsunami and a massive online hacking attack, said Yoshihiro Okumura, general manager of research at Chibagin Asset Management.
“Investors are relieved that the pre-released earnings numbers weren’t as catastrophic as expected,” he told Dow Jones Newswires.
“With the numbers out now, the market largely thinks the worst is over,” he added.
Toshiba was flat at 423 yen as buying on a report in the Nikkei business daily of aggressive spending plan was short-lived.
Softbank was up 2,19 percent at 2 980 on bargain-buying, following Monday’s 4,23 percent drop on news of an explosion at a Chinese factory that makes iPads for Apple.
Softbank may also be getting a boost from a Nikkei report that the company was considering building around 10 solar panel power facilities across Japan through partnerships with local governments, a broker said.
US stocks dropped on Monday with the Dow Jones Industrial Average of blue-chip stocks closing down 130,78 points (1,05 percent) at 12 381,26.
The euro fell to 114,86 yen in midday Tokyo trade from 115,18 yen in New York late on Monday amid concerns over European sovereign debt. – AFP.