Nikkei Rebounds 2%, Kuroda to Assume BoJ Governor's Office Tomorrow

Hiruki Nakamura
19 Mar, 2013
New York City

Stocks and market indexes in Tokyo rebounded after investors estimated that the risk from controversial depositor-tax in Cyprus spreading to the rest of the euro zone is limited. However, investors fear that the tax sets a dangerous precedent.

[R]5:30 PM Tokyo – Stocks and market indexes in Tokyo rebounded after investors estimated that the risk from controversial depositor-tax in Cyprus spreading to the rest of the euro zone is limited. However, investors fear that the tax sets a dangerous precedent.[/R]

Stocks in Tokyo rebounded a day after investors reassessed Cyprus depositor-tax and estimated that the risk of contagion to other regions in the euro zone is limited.

The yen gained against the dollar and closed at 95.52.

The Nikkei 225 Stock Average climbed 247.60 or 2% to 12,468.23 and the broader Topix Index increased 17.85 or 1.7% to 1,045.89.

Newly appointed Haruhiko Kuroda is scheduled to take over as Governor of Bank of Japan from tomorrow and the U.S. Federal Reserve Bank is set to begin its two-day meeting later in the day.

Stocks in Review

Toyota Motor Corp jumped 90 yen to 4,940 yen and Honda Motor Co. climbed 90 yen to 3,780 yen and Nissan Motor Co Ltd rose 6 yen to 957 yen. Yamaha Motor Co Ltd advanced 46 yen to 1,331 yen.

Nippon Steel up 5 yen to 253 yen and JFE Holdings Inc gained 29 yen to 1,905 yen.

Sony soared 106 yen or 6.8% to 1,661. Canon Inc increased 105 yen to 3,490 yen and Nikon jumped 76 yen to 2,331 yen. TDK Corp gained 80 yen to 3,445 yen.

Nintendo Co. Ltd added 20 yen to 10,590 yen.

Fanuc Corp. climbed 500 yen to 14,610 yen and Komatsu Ltd jumped 49 yen to 2,252 yen. Hitachi Construction Machinery Co advanced 85 yen or 4.3% to 2,066 yen.

Softbank Corp increased 35 yen to 3,665 yen.

FamilyMart Co Ltd, the convenience chain operator climbed 165 yen or 4% to 4,240 yen and Lawson jumped 270 yen to 7,050 yen. Ito En Ltd gained 25 yen to 2,072 yen.

Seven & I Holdings Co added 28 yen to 2,940 yen. Fast Retailing Co. advanced 810 yen to 30,100 yen and J. Front Retailing Co. Ltd increased 23 yen to 691 yen.

Mitsubishi UFJ Financial Group rose 10 yen to 568 yen and Sumitomo Mitsui Financial Group added 65 yen to 5,000 yen. Dai-Ichi Life up 0.5% to 124,500 yen. Nomura Holdings, Inc rose 7 yen to 578 yen.