Nikkei Advances 2.3% to a 5-Year High

Hiruki Nakamura
24 Apr, 2013
New York City

Nikkei extended rally and jumped 2.3%, the most in twelve days, after the yen resumed its slide and declined to a level close to 100-mark. Bank of Japan is scheduled to meet later in the week. JFE Holdings, Mitsubishi Motor and Canon gained on earnings.

[R]5:30 PM Tokyo – Nikkei extended rally and jumped 2.3%, the most in twelve days, after the yen resumed its slide and declined to a level close to 100-mark. Bank of Japan is scheduled to meet later in the week. JFE Holdings, Mitsubishi Motor and Canon gained on earnings.[/R]

Investors in Tokyo bid up stocks and market indexes extended rally and surged the most in twelve days after the yen resumed its slide and came within a striking distance of 100-mark.

The yen weakened to 99.77 against one dollar ahead of the Bank of Japan’s two-day policy meeting ending on April 26.

The Nikkei 225 Stock Average climbed 313.46 or 2.3% to 13,843.46 and the broader Topix Index jumped 20.57 or 1.8% to 1,164.35.

Stocks in Review

JFE Holdings Inc soared 6.5% after it reported a 28-fold increase in fourth quarter profit on cost cutting and weaker yen. The profit increased to 17.6 billion yen from 635 million yen in the period a year ago.

Nomura increased 0.1% to 753 yen and Dai-Ichi Life Insurance gained 2.5%. Mitsui Fudosan jumped 1.9% and Mitsubishi Estate Co climbed 1.9%.

Mitsubishi Motors Corp soared 20% after the automobile maker reported net profit for the fiscal year ending in March at 38 billion yen.

Toyota Motor Corp gained 110 yen to 5,620 yen and Honda Motor Co. up 75 yen to 3,950 yen and Nissan Motor Co Ltd jumped 24 yen to 1,058 yen. Yamaha Motor Co Ltd rose 10 yen to 1,397 yen. Mitsubishi Motors Corp surged 21 yen or 20% to 126 yen.

Nippon Steel soared 13 yen or 5.2% to 263 yen and JFE Holdings Inc climbed 130 yen or 6.6% to 2,094 yen.

Sony rose 5 yen to 1,630. Canon Inc gained 50 yen to 3,840 yen and Nikon up 43 yen to 2,249 yen. TDK Corp increased 130 yen to 3,460 yen. NEC closed unchanged at 284 yen.

Nintendo Co. Ltd jumped 600 yen or 5.3% to 12,030 yen. Canon Inc lifted its annual operating profit estimate by $300 million after the market close.

Fanuc Corp. climbed 340 yen to 15,520 yen and Komatsu Ltd gained 77 yen to 2,581 yen. Hitachi Construction Machinery Co advanced 99 yen or 4.6% to 2,259 yen.

Softbank Corp soared 185 yen or 4.2% to 4,620 yen.

FamilyMart Co Ltd, the convenience chain operator fell 50 yen to 4,320 yen and Lawson added 80 yen to 7,530 yen. Ito En Ltd slipped 43 yen to 2,445 yen.

Seven & I Holdings Co slumped 55 yen to 3,755 yen. Fast Retailing Co. climbed 550 yen to 34,050 yen and J. Front Retailing Co. Ltd down 10 yen to 827 yen.

Mitsubishi UFJ Financial Group up 3 yen to 646 yen and Sumitomo Mitsui Financial Group rose 45 yen to 4,455 yen. Dai-Ichi Life gained 2.5% to 134,100 yen. Nomura Holdings, Inc added 1 yen to 753.