Stronger Yen; Mixed Earnings from Chiyoda, Taiyo, Yuden

Nigel Thomas
07 Nov, 2012
New York City

The Nikkei index in Tokyo edged lower after the yen gained and another batch of weak earnings from industrial companies. Chiyoda Corp and Taiyo Yuden reported weak results.

[R]7:00 PM Tokyo – The Nikkei index in Tokyo edged lower after the yen gained and another batch of weak earnings from industrial companies. Chiyoda Corp and Taiyo Yuden reported weak results.[/R]

Stocks in Tokyo advanced after the yen gained and weak earnings from Taiyo Yuden Co and Chiyoda Corp. However, the largest oil explorer lifted its annual earnings outlook.

The Nikkei 225 Stock Average inched down 2.26 to 8,972.89 and the broader Topix Index edged up 0.83 to 745.71.

The yen gained to 79.81 to a dollar compared to 80.26 in yesterday’s close.

Stocks in Review

Toyota Motor Corp. closed unchanged at 3,240 yen and Honda Motor Co. increased 10 yen to 2,481 yen and Nissan Motor Co Ltd climbed 28 yen to 705 yen. Mazda Motor Corp added 1 yen to 107 yen.

Nissan gained 4% after Chief Operating Officer Toshiyuki Shiga said orders in China recovered to 70% of normal level and dealership traffic rose to 80% by mid-October following boycott of Japanese products in several Chinese cities.

Nippon Steel gained 4 yen to 177 yen and JFE Holdings Inc advanced 13 yen to 1,149 yen. Tokyo Steel Manufacturing up 3 yen to 264 yen.

Fujikura Ltd increased 1.8% to 227 yen and TDK jumped 32 yen to 2,817 yen.

Murata Manufacturing Co climbed 20 yen to 4,065 yen and Meiko Electronics Co Ltd plunged 16.3% or 515 yen.

Shimano Inc declined 60 yen to 5,070 yen.

Ricoh Co Ltd closed unchanged at 665 yen, Sony Corp gained 17 yen to 914 and Seiko Epson Corp jumped 18 yen or 4.2% to 450 yen. Canon Inc slid 2 yen to 2,570 yen and Nikon gained 10 yen to 1,886 yen.

Olympus Corp. declined 2.7% to 1,315 yen and Nintendo Co. Ltd climbed 70 yen to 10,130 yen, Fujitsu added 1 yen to 286 yen and Pioneer Corp. down 1 yen to 173 yen. Sharp Corp lowered 3 yen to 153 yen. Panasonic Corp gained 9 yen at 397 yen.

Taiyo Yuden decreased 2.8% to 623 yen after the electronics parts maker slashed its operating profit forecast by half to 5 billion yen.

Fanuc Corp. dropped 190 yen to 13,140 yen and Komatsu Ltd increased 11 yen to 1,758 yen. Hitachi Construction Machinery Co added 6 yen to 1,400 yen.

Sumitomo Heavy gained 1% to 302 yen.

FamilyMart Co Ltd, the convenience chain operator declined 80 yen to 3,680 yen and Lawson slumped 40 yen to 5,680 yen. Ito En Ltd slipped 30 yen to 1,484 yen.

Seven & I Holdings Co dropped 21 yen to 2,399 yen.

Yamada Denki advanced 70 yen to 3,145 yen. Nitori Holdings Co declined 140 yen to 6,100 yen, apparel retailer Shimamura increased 30 yen to 8,120 yen and Sagami Co up 2 yen to 119 yen.

Fast Retailing Co. jumped 40 yen to 17,380 yen and J. Front Retailing Co. Ltd dropped 14 yen to 399 yen.

Social networking and game site increased 1.9% to 2,642 yen after it estimated first half earnings ahead of its guidance.

Inpex Corp climbed 2.8% to 457,000 yen after the largest oil explorer lifted full-year estimate of net income by 8.3% to 182 billion yen on higher than expected crude oil prices in August.

Japan Petroleum Exploration Co. gained 12 yen to 2,891 yen. Tokyo Electric Power Co, Inc. slid 3 yen to 127 yen.

Mitsubishi UFJ Financial Group up 1 yen to 359 yen and Sumitomo Mitsui Financial Group slipped 6 yen to 2,436 yen. Nomura Holdings, Inc added 2 yen to 294 yen.

Japan Airlines Co Ltd declined 125 yen to 3,720 yen and All Nippon Airways slid 1 yen to 166 yen.

Japan Tobacco dropped 32 yen to 2,250 yen.

Mitsui O.S.K. Lines, Ltd gained 5 yen to 191 yen and Kawasaki Kisen Kaisha, Ltd lowered 2 yen to 100 yen and Nippon Yusen K.K. closed unchanged at 152 yen.