29 June 2004, 10:02  Japan stocks turn positive, strong tankan eyed

Tokyo stocks clambered back into positive territory by late afternoon on Tuesday as high expectations for a corporate sentiment survey due later this week offset disappointment over industrial output data. Real estate stocks like Mitsubishi Estate <8802.T> put in a strong performance for a second straight session while some banks continued to attract interest. "It's a situation where the indices' failure to fall much is spurring more positive sentiment," said Masaru Ueda, head of investment strategy at Marusan Securities. The broader TOPIX index <.TOPX> was up 0.09 percent at 1,187.68 as of 0541 GMT after being down 0.43 percent at midsession. The Nikkei average <.N225> was 0.01 percent higher at 11,885.50 after ending Monday at a nine-week high and posting a three-day, 2.6 percent winning streak. The Bank of Japan will release its "tankan" survey of corporate sentiment for June on Thursday. Economists expect it to show that companies are the most optimistic for several years.|||

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