TOKYO, June 19 (Reuters) - Japan's Nikkei average is expected to edge higher on Friday after the U.S. Dow and S&P 500 rose as data on the job market and regional manufacturing provided signs that the recession-hit economy is stabilising.
Elpida Memory Inc may be in focus after three sources familiar with the matter said the computer chip maker plans to apply for tens of billions of yen in government funds this month to shore up its depleted capital.
The Dow and S&P 500 rose on Thursday, supported by data showing that the number of people staying on jobless benefits fell for the first time since January, while manufacturing in the U.S. Mid-Atlantic region contracted much less than expected in June.
The rise in the Dow and S&P 500, coupled with the fact that the yen dipped against the dollar on Thursday, may lend support to the Nikkei, said Yutaka Miura, a senior technical analyst for Mizuho Securities.
"There will probably be some short-covering," Miura said.
But any gains in the Nikkei are likely to be limited, with stock markets around the world taking a breather after a three-month rally.
"After buying initially in the morning, moves will probably become steady," Miura said, adding that the Nikkei was likely to trade between 9,600 and 9,800.
The Nikkei fell 1.4 percent to 9,703.72 on Thursday, and has slid 4.3 percent after hitting an eight-month closing high of 10,135.82 last Friday. Market analysts say the benchmark index may find some support at the 25-day moving average (MA) near 9,600.
Nikkei futures traded in Chicago finished at 9,805 on Thursday, up 0.7 percent from the Osaka close of 9,730. ----------------------MARKET SNAPSHOT @ 2313 GMT ------------
LAST PCT CHG NET CHG S&P 500 911.13 0.05% 0.420 USD/JPY 96.55 -0.02% -0.020 10-YR US TSY YLD 3.8079 -- 0.000 SPOT GOLD 931.75 -0.06% -0.600 US CRUDE 71.51 0.20% 0.140 DOW JONES 8555.60 0.69% 58.42 ------------------------------------------------------------- > Dow, S&P end 3-day drop on data, financials > Dollar rises vs euro on speculation of higher yields > Bonds hit by new round of issuance, better data > Gold falls as dollar rises, funds unwind > Oil rises on economic hopes, Nigeria disruptions STOCKS TO WATCH
-- Yoshinoya Holdings Co Ltd
The operator of "gyudon" beef-on-rice bowl shops said it would pull out from its loss-making noodle restaurant business at the end of August.
The noodle business posted a net loss of 1.4 billion yen ($14.62 million) for the year ended in February, while Yoshinoya booked a group net profit of 208 million yen during the same period.
-- Toshiba Corp, Fujitsu Ltd
Toshiba and Fujitsu said on Thursday they will postpone the transfer of Fujitsu's hard disk drive business to Toshiba by one month to Aug. 1 due to a delay in approval from some competition authorities overseas.
-- Idemitsu Kosan Co
Idemitsu said on Thursday it is considering delaying by up to a week the restart of a crude distillation unit (CDU) undergoing scheduled maintenance at one of its refineries, due to slow demand and high oil product stocks.
-- Aderans Holdings Co Ltd
Aderans has decided to terminate its anti-takeover defence plan, after a U.S. activist fund successfully replaced the struggling wig maker's board last month. (Reporting by Masayuki Kitano; Editing by Michael Watson)