Nikkei Soars 3.6% to Close Above 14,000, Record Since 2008

Hiruki Nakamura
07 May, 2013
New York City

Stocks in Tokyo played a catch up and the Nikkei index soared 3.6% and closed above 14,000 for the first time since June 2008. Japan Steel Works soared 16% after Japanese company was awarded a nuclear plant order in Turkey.

[R]5:30 PM Tokyo – Stocks in Tokyo played a catch up and the Nikkei index soared 3.6% and closed above 14,000 for the first time since June 2008. Japan Steel Works soared 16% after Japanese company was awarded a nuclear plant order in Turkey.[/R]

Stocks in Tokyo played a catch up after two days of public holiday and market indexes soared 3.6%.

The yen dropped as low as 99.41 against one dollar and closed at 98.99.

Since mid-November, the yen has declined 22% and the Nikkei index has advanced 63% and several key components of the index has surged more. Softbank has soared 33% and Tokyo Land Corp has advanced 470%.

The Nikkei 225 Stock Average soared 486.20 or 3.6% to 14,180.24 and the broader Topix Index climbed 35.29 or 3.1% to 1,188.57.

The Nikkei index closed above 14,000 for the first time since June 2008 and the Tpix closed at the level not seen since Sept 15, 2008.

Stocks in Review

Japan Steel Works surged 15% to 579 yen after Mitsubishi Heavy Industries Ltd and France based Areva SA agreed to build a nuclear power plant in Turkey for $22 billion.

Mitsubishi Heavy increased 5% to 684 yen.

Toyota Motor Corp surged 270 yen or 4.9% to 5,760 yen and Honda Motor Co. climbed 150 yen to 3,970 yen and Nissan Motor Co Ltd jumped 38 yen to 1,017 yen.

Sony surged 104 yen or 6.4% to 1,731. Canon Inc rose 40 yen to 3,485 yen and Nikon advanced 59 yen to 2,172 yen.

Fanuc Corp. soared 680 yen or 4.7% to 15,240 yen Softbank Corp gained 70 yen to 4,820 yen.

Seven & I Holdings Co jumped 100 yen to 3,785 yen. Fast Retailing Co. climbed 1,600 yen or 4.5% to 36,950 yen.

Mitsubishi UFJ Financial Group rose 15 yen to 668 yen and Sumitomo Mitsui Financial Group increased 90 yen to 4,690 yen.

Mitsui & Co, gained 4% to 1,374 yen after the second largest trading company plans to increase dividend per share by 8 yen to 51 yen.