TOKYO, Jan 20 (Reuters) - Japan's Nikkei average is set to move narrowly on Tuesday, with a slightly stronger yen dampening buying of exporters such as Sony Corp and attention on the inauguration of U.S. President-elect Barack Obama.
Japan's second-largest brewery Kirin Holdings Co is likely to be in focus after it said it plans to buy a 43 percent stake in the beer unit of the Philippine conglomerate San Miguel Corp, a deal that will likely cost it at least $1.26 billion.
Wall Street was closed on Monday for a holiday, and investors are likely to be reluctant to trade ahead of U.S. President-elect Barack Obama's inauguration later on Tuesday, keeping activity thin.
"There are still strong expectations for economic policies from Obama, and the tug-of-war between these hopes and the reality of the poor global economy goes on," said Hiroichi Nishi, general manager of the equity division at Nikko Cordial Securities.
A slight strengthening in the yen is likely to depress buying of exporters, with investors also wary as the U.S. and Japanese earnings seasons pick up steam.
The benchmark Nikkei is likely to move between 8,150 and 8,350. It closed at 8,256.85 on Monday. > FTSE ends down 0.9 pct after RBS shares nosedive > Euro, pound tumble vs dollar on banking sector woes > U.S. 5-yr CDs at record wide of 69.5 bps - CMA Datavision > Gold hits 1-week high, eases on firmer dollar > Oil falls towards $34 on gas deal, Gaza ceasefire STOCKS TO WATCH
-- Mazda Motor Corp
Mazda said on Monday it would cut salaries for white-collar workers in Japan to reduce costs amid a slide in global car sales.
-- Elpida Memory
Japanese PC memory maker Elpida said it has pushed back the announcement of its quarterly earnings results to Feb. 6 from Jan. 29 due to a delay in compiling financial data at Rexchip Electronics.
-- Furukawa Electric Co, Showa Denko
Furukawa Electric, Japan's largest rolled-aluminium manufacturer, is in talks with sixth-ranked Showa Denko to integrate their aluminium businesses, giving them a domestic market share of more than 20 percent, the Nikkei business daily reported on Tuesday.
-- KDDI Corp
KDDI, Japan's second-largest wireless carrier, is expected to post a 8 percent rise in April-December operating profit to 400 billion yen as a drop in cellphone sales lowered handset subsidies, the Nikkei business daily reported on Tuesday.
-- Rakuten Inc
Web shopping mall operator Rakuten plans to start offering a personal handyphone system (PHS) service in April by using network of Willcom Inc, the Nikkei business daily reported on Tuesday. (Reporting by Elaine Lies; Editing by Edwina Gibbs)