Stocks in Tokyo Consolidate, Toyota Offers Record Bonuses Since 2008

Hiruki Nakamura
13 Mar, 2013
New York City

Japanese stock markets traded sideways as indexes consolidate after a rally of 43% in the last six months. Toyota and several Japanese companies announced higher bonuses as the financial year nears end. International investors are still adding net new equity positions in Japan.

[R]5:00 PM Tokyo – Japanese stock markets traded sideways as indexes consolidate after a rally of 43% in the last six months. Toyota and several Japanese companies announced higher bonuses as the financial year nears end. International investors are still adding net new equity positions in Japan.[/R]

Stocks in Tokyo declined as markets consolidate after a rally that lifted indexes by 43% in the last five months.

Foreign investors are still adding net new positions in the Japanese stocks on the growing perception that the market indexes may resume the advance and test the high of 13,000 in the benchmark index Nikkei.

The Nikkei 225 Stock Average declined 75.15 or 0.6% to 12,239.66 and the broader Topix Index fell 4.48 to 1,031.42.

The yen edged higher against one dollar to close at 95.49.

Stocks in Review

Japan Tobacco soared 7.2% to 3,205 yen after the Ministry of Finance official said investor demand is more than double the number of shares offered by the government.

Toyota was in focus after the company announced highest bonus since the 2008 crisis.

Toyota Motor Corp dropped 50 yen to 4,910 yen and Honda Motor Co. gained 10 yen to 3,740 yen and Nissan Motor Co Ltd rose 6 yen to 999 yen. Yamaha Motor Co Ltd climbed 49 yen or 4% to 1,263 yen.

Nippon Steel up 1 yen to 262 yen and JFE Holdings Inc gained 8 yen to 2,015 yen.

Sony advanced 22 yen to 1,500. Canon Inc declined 100 yen to 3,450 yen and Nikon climbed 65 yen to 2,118 yen. TDK Corp slumped 30 yen to 3,385 yen.

Nikon Corp increased 3% after a report in the Nikkei newspaper suggested that the company plans to cut its inventory of cameras by 20% by the end of the current fiscal year in March.

Nintendo Co. Ltd jumped 250 yen to 10,820 yen. Dainippon Screen Manufacturing Co gained 9 yen to 496 yen.

Fanuc Corp. declined 360 yen to 14,000 yen and Komatsu Ltd slipped 37 yen to 2,259 yen. Hitachi Construction Machinery Co decreased 47 yen to 2,017 yen.

Softbank Corp slumped 15 yen to 3,780 yen.

FamilyMart Co Ltd, the convenience chain operator fell 10 yen to 3,960 yen and Lawson dropped 190 yen to 6,660 yen. Ito En Ltd lowered 12 yen to 2,006 yen.

Seven & I Holdings Co declined 67 yen to 2,896 yen. Fast Retailing Co. plummeted 650 yen to 29,550 yen and J. Front Retailing Co. Ltd increased 18 yen to 636 yen.

Mitsubishi UFJ Financial Group rose 9 yen to 575 yen and Sumitomo Mitsui Financial Group slipped 20 yen to 4,080 yen. Dai-Ichi Life fell 0.7% to 130,600 yen. Nomura Holdings, Inc lowered 4 yen to 578 yen.