* Nikkei up 1.5 pct, set to snap 3-day losing streak
* Boost from softer yen, hopes for U.S. mortgage plan
* Hitachi jumps after UK train deal
* Pioneer tumbles after says to cut jobs, exit flat TVs
(Adds stocks, details)
By Aiko Hayashi
TOKYO, Feb 13 (Reuters) - The Nikkei stock average rose 1.5
percent on Friday, poised to break a three-day losing streak on
hopes for a U.S. government programme to subsidise mortgage
payments for troubled homeowners and as exporters gained on a
softer yen.
But Pioneer Corp <6773.T> lost about a fifth of its value
after the Japanese electronics maker said it would cut 10,000
jobs and exit its loss-making flat TV business, a move that
could signal a further shake-out in the battered sector.
[]
Hitachi Ltd <6501.T> jumped more than 3 percent after
Britain said it had chosen Hitachi, banking group Barclays and
project management group John Laing to supply a fleet of
intercity trains for 7.5 billion pounds ($10.7 billion).
[]
U.S. stocks staged a late rally to close mostly higher on
Thursday after Reuters reported the Obama administration is
hammering out a programme to subsidise mortgages in a new front
to fight the credit crisis. [] []
"The news about the U.S. mortgage payments plan has
temporarily spurred short-covering. But the market doesn't have
many buyers except for those covering short positions these
days," said Takahiko Murai, general manager of equities at
Nozomi Securities.
"The bank and economic measures by the U.S. government so
far have lacked details and that is a problem. What the market
wants to know is how and by when the government will enact
measures that prove to be effective," Murai said.
The benchmark Nikkei <> climbed 113.60 points to
7,818.96, after falling for three straight days and posting its
lowest finish since Jan. 26 the previous day.
The broader Topix <> gained 0.8 percent to 766.64.
Others also remain cautious on the U.S. steps to shore up
the economy.
"Now is not a time to jump on news, to be optimistic or
pessimistic on speculation," said Kazutaka Oshima, chief
strategist at Rakuten Securities.
"We need to closely watch how the U.S. government measures
will be enacted in concrete ways."
PIONEER TUMBLES, HITACHI GAINS
The dollar edged up 0.2 percent to 91.05 yen <JPY=>,
extending gains made in late U.S. trading. Investors welcome a
weaker yen as it boosts exporters' overseas profits when
repatriated. <FXNEWS> []
Exporters rose, with Advantest Corp <6857.T>, the world's
biggest maker of chip testers, gaining 4.3 percent to 1,407 yen
and Tokyo Electron <8035.T> climbing 2.7 percent to 3,480 yen.
Hitachi shares advanced 3.5 percent to 269 yen.
Toyota Motor Corp <7203.T> edged up 0.3 percent to 3,060 yen
after offering buyouts to some 18,000 U.S. workers and saying it
would cut the pay of executives and blue-collar workers in its
North American manufacturing operations in response to plunging
auto sales. []
Pioneer lost 19.1 percent to 144 yen.
Among other decliners, shipping firms fell after UBS
downgraded its ratings on three shippers from "buy" to
"neutral", citing global supply-side pressure.
Nippon Yusen KK <9101.T>, Japan's biggest shipper, lost 4.6
percent to 436 yen. Mitsui OSK Lines Ltd <9104.T> shed 5.7
percent to 544 yen and Kawasaki Kisen Kaisha Ltd <9107.T>
dropped 5.5 percent to 342 yen.
Takefuji Corp <8564.T> tumbled 13.2 percent to 617 yen after
the Nikkei business daily said the consumer finance company was
expected to revise down its outlook to a net loss of 200 billion
yen ($2.2 billion) in the year to March, instead of a previously
forecast 3 billion yen profit.
Takefuji, which reports its 9-month results later on Friday,
has been hurt by stricter industry regulation.
Trade was active on the Tokyo exchange's first section, with
977 million shares changing hands, compared with last week's
morning average of 929 million.
Advancing stocks outpaced declining ones by nearly 2 to 1.
(Reporting by Aiko Hayashi; Editing by Brent Kininmont)
