Nikkei in Tokyo Jumps 1.4%; Toyota Cuts Profit Outlook

Nigel Thomas
12 Dec, 2011
New York City

Stocks in Japan rebounded after falling for the last two trading sessions. The Nikkei index gained on the rising resources and exports sensitive stocks. Olympus jumped 8% as the company confirmed its plan to file revised financials by Wednesday.

[R]7:00 PM Tokyo – Stocks in Japan rebounded after falling for the last two trading sessions. The Nikkei index gained on the rising resources and exports sensitive stocks. Olympus jumped 8% as the company confirmed its plan to file revised financials by Wednesday.[/R]

Stocks in Tokyo trading closed higher after exporters and resources linked companies closed up.

Investors bid up stocks after China loosened bank reserves requirements and consumer confidence index in the U.S. showed an increase. Exports sensitive stocks jumped on the optimism that the euro zone nations will follow through their pledge of tighter fiscal integration.

The Nikkei 225 Stock Average added 1.4% to 8,653.82 and the broader Topix index gained 1.2% to 746.69.

Trading volume on the main board of Tokyo Stock Exchange fell back to 1.52 billion shares from 2.57 billion shares on Friday and of the shares traded 1,272 increased and 289 decreased.

Stock Movers

Toyota Motor decreased 19 yen to 2,617 yen and Honda Motor Co. added 13 yen to 2,455 yen and Nissan Motor Co Ltd jumped 10 yen to 697 yen.

Toyota declined after the company cut its annual profit outlook by more than half on the stronger yen and supply chain problems linked to floods in Thailand.

Sony Corp rose 18 yen to 1,423 yen, Panasonic Corp gained 12 yen at 706 yen and Canon Inc closed up 55 yen to 3,500 yen. Nintendo Co. Ltd increased 140 yen to 11,050 yen.

Olympus Corp increased 94 yen to 1,300 yen after the company confirmed that it is preparing to file its revised financial statements by Wednesday.

Fanuc Ltd closed up 90 yen to 12,780 yen and Kyocera closed up 80 yen at 6,710 yen. Nikon Corp fell 1 yen to 1,729 yen.

Elpida Memory Inc added 18 yen to 419 yen and Ulvac Inc gained 16 yen to 1,120 yen.

Mitsui O.S.K. Lines, Ltd rose 18 yen to 299 yen, Kawasaki Kisen Kaisha, Ltd closed up 5 yen to 144 yen and Nippon Yusen K.K. added 8 yen at 195 yen.

Daiichi Sankyo Ltd rose 13 yen to 1,462 yen and Fast Retailing Co. increased 220 yen to 13,030 yen.

Ms&Ad Insurance Group Holdings, Inc closed up 41 yen to 1,459 yen and NKSJ Holdings Inc added 24 yen to 1,532 yen.

Mitsubishi UFJ Financial Group closed up 6 yen at 348 yen and Sumitomo Mitsui Financial Group increased 37 yen to 2,273 yen.

Komatsu Ltd increased 17 yen to 1,999 yen and Hitachi Construction Machinery Co increased 33 yen to 1,407 yen.

Tokyo Electric Power Co decreased 4.4% to 236 yen after the government clarified that it is not looking to nationalize the company or inject capital in the utility.

Softbank Corp added 63 yen to 2,424 yen, KDDI rose 0.7% to 493,500 yen and NTT DoCoMo, Inc declined 0.6% to 136,700 yen.