Japanese Markets Rest after a 4-Day Surge, Yen Inches to 100

Marcus Jacob
09 Apr, 2013
New York City

Stocks in Japan were flat and real estate and exporters declined after surging for four days in a row. The yields on Japanese bonds of longer maturities rose ahead of bond auction later in the week. The yen inched towards 100 level against a dollar.

[R]5:30 PM Tokyo – Stocks in Japan were flat and real estate and exporters declined after surging for four days in a row. The yields on Japanese bonds of longer maturities rose ahead of bond auction later in the week. The yen inched towards 100 level against a dollar.[/R]

Stocks in Japan rested after a broad rally in the last four days that lifted the benchmark index above 10%.

The yen dropped to 99.66 before recovering at close to 99.14 against one dollar and inched towards the 100 yen level last seen in April 2009.

The Nikkei 225 Stock Average edged lowered 0.24 to 13,192.35 and the broader Topix Index inched up 0.30 to 1,102.04.

The Topix has advanced 53% in the last five months since Prime Minister Shinzo Abe pledged to defeat two-decade price stagnation.

Japanese bonds decreased in price ahead of government auction later this week.

The 10-year yield decreased 1 basis point to 53 basis points and the 20-year yield increased 6.5 basis points to 1.29% and the 30-year yield gained 7 basis points to 1.38%.

Stocks in Review

Toyota Motor Corp slipped 30 yen to 5,270 yen and Honda Motor Co. slid 15 yen to 3,790 yen and Nissan Motor Co Ltd rose 8 yen to 987 yen. Yamaha Motor Co Ltd fell 5 yen to 1,289 yen. Mitsubishi Motors Corp closed unchanged at 101 yen.

Nippon Steel up 1 yen to 234 yen and JFE Holdings Inc gained 31 yen to 1,900 yen.

Sony slumped 27 yen to 1,643. Canon Inc climbed 70 yen to 3,475 yen and Nikon rose 23 yen to 2,130 yen. TDK Corp soared 135 yen or 4.3% to 3,255 yen. NEC slid 1 yen to 251 yen.

Nintendo Co. Ltd slipped 10 yen to 10,640 yen.

Fanuc Corp. jumped 410 yen to 15,160 yen and Komatsu Ltd climbed 56 yen to 2,351 yen. Hitachi Construction Machinery Co gained 26 yen to 2,181 yen.

Softbank Corp increased 55 yen to 4,815 yen.

FamilyMart Co Ltd, the convenience chain operator advanced 170 yen to 4,795 yen and Lawson jumped 150 yen to 7,850 yen. Ito En Ltd rose 12 yen to 2,389 yen.

Seven & I Holdings Co gained 60 yen to 3,515 yen. Fast Retailing Co. dropped 1,300 yen to 33,750 yen and J. Front Retailing Co. Ltd slipped 20 yen to 825 yen.

Mitsubishi UFJ Financial Group fell 16 yen to 624 yen and Sumitomo Mitsui Financial Group declined 65 yen to 4,330 yen. Dai-Ichi Life jumped 2.1% to 117,600 yen. Nomura Holdings, Inc slid 2 yen to 661 yen.