Nikkei edges higher as Powell emboldens doves; Japan Post tumbles

* Yaskawa Electric's 1Q earnings in focus
* Japan Post hits record low
* Bandai untraded with glut of buy orders on inclusion in
Nikkei

By Ayai Tomisawa
TOKYO, July 11 (Reuters) - Japan's Nikkei advanced on
Thursday morning after the Federal Reserve chief cemented
expectations of a U.S. rate cut later this month, while Japan
Post Insurance dived after it admitted mismanagement in handling
insurance policies.
The Nikkei share average .N225 was up 0.4% at 21,620.21 in
midmorning trade.
Nintendo Co 7974.T soared 3.8% and was the most traded
stock by turnover after the company introduced Nintendo Switch
Lite, a device dedicated to handheld game play. On Wednesday, Federal Reserve Chairman Jerome Powell
reassured investors about the potential for an interest rate cut
later this month. Powell said the central bank stands ready to
"act as appropriate" to support a record-breaking leg of U.S.
economic growth. Analysts said that with Powell's remarks confirming market
expectations for a rate cut at the Fed's two-day meeting ending
July 31, investors' attention switched to Japan Inc's
first-quarter earnings results.
"The market had expected a 30 basis U.S. rate cut. There was
no surprise to that," said Makoto Kikuchi, the chief executive
of Myojo Asset Management. "Investors' focus has shifted to
Yaskawa's earnings."
Yaskawa Electric Corp 6506.T , a motion control equipment
maker with exposure in China, usually kicks off the earnings
season in Japan and is slated to report its first-quarter
results after the market close. Yaskawa's result will be
monitored closely by investors as it's seen as an indicator of
Chinese demand.
The insurance sector underperformed the market, after Japan
Post Insurance Co 7181.T plunged more than 6% to hit a record
low after the company on Wednesday admitted mismanagement in
connection with more than 90,000 insurance policies.
Bandai Namco Holdings 7832.T was untraded with a glut of
buy orders after Nikkei Inc said it will add the stock to the
Nikkei 225 average. The broader Topix .TOPX gained 0.5% to 1,578.52.

(Editing by Shri Navaratnam)