Supercharged Nikkei Soars 2.8%, Yen Trades Above 99

Hiruki Nakamura
08 Apr, 2013
New York City

Stocks in Tokyo advanced for the fourth day in a row to a 4-year high and the yen dropped near 100 against one dollar. Real estate, banks and exporters led the gainers. Of the 225 stocks in the Nikkei index, 218 closed higher.

[R]5:30 PM Tokyo – Stocks in Tokyo advanced for the fourth day in a row to a 4-year high and the yen dropped near 100 against one dollar. Real estate, banks and exporters led the gainers. Of the 225 stocks in the Nikkei index, 218 closed higher.[/R]

Tokyo stocks extended gains for the fourth day in a row and the Nikkei surged to a new high in 41/2 years and the yen dropped to a low last seen in June 2009.

The benchmark Nikkei extended 4-day gain to 10%, the largest increase in two years and the yen accelerated the decline for the fourth day in a row.

The yen dropped 1% to 98.85 against one dollar and rebounded to close at 96.57.

The Nikkei 225 Stock Average climbed 358.95 or 2.8% to 13,192.59 and the broader Topix Index jumped 35.50 or 3.3% to 1,101.74.

Of the 225 stocks in the Nikkei, 218 closed higher.

Real estate, banks and exporters led the gainers for the fourth day in a row as the weak yen is expected to boost future earnings.

Tokyo Tatemono soared 16% and Mitsui Fudosan Co surged 6% and Sumitomo Realty & Development Co., Ltd advanced 8%.

Stocks in Review

Toyota Motor Corp soared 210 yen or 4.1% to 5,300 yen and Honda Motor Co. climbed 135 yen to 3,805 yen and Nissan Motor Co Ltd gained 11 yen to 979 yen. Yamaha Motor Co Ltd advanced 50 yen or 4% to 1,294 yen. Mitsubishi Motors Corp closed unchanged at 101 yen.

Nippon Steel soared 11 yen or 4.9% to 233 yen and JFE Holdings Inc surged 116 yen or 6.6% to 1,869 yen.

Sony climbed 90 yen or 5.7% to 1,670. Canon Inc jumped 115 yen to 3,405 yen and Nikon slumped 23 yen to 2,107 yen. TDK Corp gained 20 yen to 3,120 yen. NEC rose 4 yen to 252 yen.

Nintendo Co. Ltd advanced 360 yen to 10,650 yen.

Fanuc Corp. increased 140 yen to 14,750 yen and Komatsu Ltd jumped 94 yen or 4.3% to 2,295 yen. Hitachi Construction Machinery Co climbed 85 yen or 4.1% to 2,155 yen.

Softbank Corp gained 110 yen to 4,760 yen.

FamilyMart Co Ltd, the convenience chain operator advanced 115 yen to 4,625 yen and Lawson climbed 210 yen to 7,700 yen. Ito En Ltd increased 67 yen to 2,377 yen.

Seven & I Holdings Co rose 55 yen to 3,455 yen. Fast Retailing Co. added 150 yen to 35,050 yen and J. Front Retailing Co. Ltd surged 56 yen or 7.1% to 845 yen.

Mitsubishi UFJ Financial Group soared 33 yen or 5.4% to 640 yen and Sumitomo Mitsui Financial Group climbed 245 yen or 5.9% to 4,395 yen. Dai-Ichi Life jumped 4.3% to 115,200 yen. Nomura Holdings, Inc surged 61 yen or 10.1% to 663 yen.