Topix in Japan at 6-month High; Yen at 14-week Low

Nigel Thomas
15 Feb, 2012
New York City

Stocks in Tokyo closed higher for the second row in a row following the expanded asset purchase program by the Bank of Japan. The yen dropped to a 16-week low and export sensitive companies traded higher. Tokio Marine soared 6% after it retained its annual net income outlook.

[R]8:30 PM Tokyo – Stocks in Tokyo closed higher for the second row in a row following the expanded asset purchase program by the Bank of Japan. The yen dropped to a 16-week low and export sensitive companies traded higher. Tokio Marine soared 6% after it retained its annual net income outlook.[/R]

Market averages continued the advance after the Bank of Japan expanded its asset purchase and lending program. Export sensitive companies closed higher after the yen declined to 3-month low.

The Nikkei 225 Stock Average increased 2.3% to 9,260.34 and the broader Topix index added 2% to 802.96.

In trading, 2.2 billion shares changed hands compared to 2.05 billion shares in Monday’s trading.

The yen traded at a 14-week low against the dollar to 78.67 after the central bank increased its economic stimulus program by 10 trillion yen.

Stock Movers

Toyota Motor increased 145 yen to 3,265 yen and Honda Motor Co. rose 92 yen to 2,888 yen and Nissan Motor Co Ltd added 21 yen to 787 yen.

Sony Corp increased 85 yen to 1,575 yen, Panasonic Corp rose 23 yen to 664 yen and Canon Inc closed up 40 yen to 3,530 yen. Nintendo Co. Ltd surged 4.8% 11,280 yen.

Olympus Corp closed unchanged at 1,304 yen and Fujifilm Holdings Corp closed up 86 yen at 1,898 yen.

Elpida Memory Inc dropped 14% to 320 yen after the company said it has not reached an agreement with the trade ministry and there is “uncertainty” about the future of the company and the possibility of the financing deal with the Development Bank of Japan.

Nikon increased 22 yen 2,089 yen, Fanuc Ltd gained 590 yen to 14,020 yen and Kyocera rose 230 yen at 6,890 yen.

Mitsui O.S.K. Lines, Ltd closed up 24 yen to 363 yen, Kawasaki Kisen Kaisha, Ltd closed up 13 yen at 184 yen and Nippon Yusen K.K. closed up 9 yen to 245 yen.

Tokio Marine Holdings Inc 5.7% to 2,157.00 after the insurer retained its full-year net income estimate of 10 billion yen.

The Tokyo Electric Power Company, Inc increased 7 yen to 209 yen.

Fast Retailing Co. increased 410 yen to 16,120 yen and J. Front Retailing Co. Ltd closed up 4 yen to 378 yen.

Medipal Holdings Corporation increased 5.6% to 966 yen after the company announced the $10 billion buy back of its shares.

Mitsubishi UFJ Financial Group increased 16 yen to 408 yen and Sumitomo Mitsui Financial Group closed up 104 yen at 2,709 yen.

Komatsu Ltd decreased 113 yen to 2,238 yen, Hitachi Construction Machinery Co increased 61 yen to 1,550 yen and Toyo Engineering Corp rose 5 yen to 322 yen.

Softbank Corp closed up 10 yen at 2,388 yen, KDDI Corp closed up 0.9% to 496,000 yen and NTT DoCoMo, Inc closed up 400 yen to 136,900 yen.

Yahoo Japan Corp dropped 3.7% to 25,070 yen after talks collapsed between Yahoo, Softbank and Alibaba Group Holdings Ltd.