Japan Plans Fourth Extra Budget; Shippers Edge Lower

Nigel Thomas
02 Dec, 2011
New York City

Stocks in Tokyo trading extended gains in the week and the Nikkei index in the week added 5.9%. Shipping companies struggled for the third week in a row. Japanese government plans fourth additional budget in the current year.

[R]7:00 PM Tokyo – Stocks in Tokyo trading extended gains in the week and the Nikkei index in the week added 5.9%. Shipping companies struggled for the third week in a row. Japanese government plans fourth additional budget in the current year.[/R]

Stocks in Japan closed higher and extended gains for the week and closed higher on the fifth day in six days of trading.

Japan is considering fourth extra budget in the current fiscal year to stimulate the economy that is suffering from the weak exports to Europe and companies struggle with production problems linked to Thai floods.

The Nikkei index gained and traded at the values last seen in April 2009.

The Nikkei 225 Stock Average increased 0.5% to 8,643.75 and the broader Topix index added 0.6% to 744.14. For the week the Nikkei 225 index increased 5.9%.

The yen at close in Tokyo trading eased 0.3% to 77.58 per U.S. dollar.

Trading volume on the main board of Tokyo Stock Exchange declined 1.57 billion shares from 2 billion shares on Thursday. The gainers in Tokyo were 960 and decliners were 555.

Stock Movers

Toyota Motor increased 27 yen to 2,594 yen and Honda Motor Co. fell 5 yen to 2,479 yen and Nissan Motor Co Ltd jumped 8 yen to 709 yen.

Sony Corp decreased 14 yen to 1,395 yen, Panasonic Corp fell 9 yen at 733 yen and Canon Inc rose 25 yen at to 3,435 yen.

Nintendo Co. Ltd declined 240 yen or 2% to 11,240 yen and traded near the three weeks high on the expectations of higher sales.

Olympus Corp increased 18 yen or 1.7% to 1,067 yen and was among the top most traded stocks on the Tokyo Stock Exchange.

Fanuc Ltd increased 100 yen to 13,160 yen and Kyocera closed down 130 yen at 6,840 yen. Nikon Corp added 26 yen to 1,753 yen.

Elpida Memory Inc rose 3.7% or 14 yen to 391 yen and Ulvac Inc soared 2 yen to 1,086 yen.

Mitsui O.S.K. Lines, Ltd added 10 yen to 269 yen, Kawasaki Kisen Kaisha, Ltd increased 1 yen to 138 yen and Nippon Yusen K.K. closed at 181 yen.

Daiichi Sankyo Ltd gained 1.4% to 1,419 yen a day ago after its Indian subsidiary Ranbanxy Laboratories Ltd won the U.S. regulatory approval to make the first generic version of cholesterol lowering drug Lipitor.

Dai-ichi Life increased 1,200 yen to 85,200 yen.

Ms&Ad Insurance Group Holdings, Inc rose 12 yen to 1,541 yen and NKSJ Holdings Inc fell 6 yen to 1,574 yen.

Mitsubishi UFJ Financial Group closed at 338 yen and Sumitomo Mitsui Financial Group increased 13 yen to 2,164 yen.

Komatsu Ltd increased 14 yen to 2,046 yen and Hitachi Construction Machinery Co decreased 11 yen to 1,412 yen.

Softbank Corp declined 14 yen to 2,405 yen, KDDI dropped 2.7% to 510,000 yen and NTT DoCoMo, Inc gained 0.6% to 138,900 yen.