Nikkei in Tokyo Searches Direction, Industrial Production Pace Quickens

Hiruki Nakamura
31 May, 2013
New York City

Market indexes in Tokyo closed higher in a volatile week of trading as the indexes search a level to settle. The Nikkei has soared more than 70% in the last one year of trading and has corrected 11% from its peak in May and has struggled to find a direction in the last ten trading days.

[R]5:30 PM Tokyo – Market indexes in Tokyo closed higher in a volatile week of trading as the indexes search a level to settle. The Nikkei has soared more than 70% in the last one year of trading and has corrected 11% from its peak in May and has struggled to find a direction in the last ten trading days.[/R]

Market indexes in Tokyo closed higher and for the week plunged 5.7% in a volatile trading as the market searches the level to settle.

The latest batch of economic data indicated expanding economic activities in Japan after the aggressive action from the central bank.

Industrial production increased 1.7% in April from March when the production rose 0.9%, according to a Trade Ministry report.

The index that measures prices in Tokyo showed a slight increase indicating that national prices may also follow.

The Tokyo consumer price index excluding fresh food increased 0.1% in May from a year ago, according to the statistics bureau. The prices across the nation declined 0.4% in April.

The yen edged higher to 100.62 against one dollar.

The Nikkei 225 Stock Average jumped 185.51 or 1.4% to 13,774.54 and the broader Topix Index inched up 1.36 to 1,135.78.

For the week Nikkei plunged 5.7% and for the month slid 0.2%.

Stocks in Review

Toyota Motor Corp slipped 50 yen to 6,010 yen and Honda Motor Co. dropped 45 yen to 3,830 yen and Nissan Motor Co Ltd fell 5 yen to 1,115 yen.

Sony climbed 42 yen to 2,049. Canon Inc declined 70 yen to 3,530 yen and Nikon rose 10 yen to 2,704 yen.

Fanuc Corp soared 630 yen or 4.3% to 15,240 yen Softbank Corp jumped 80 yen to 5,170 yen.

Seven & I Holdings Co added 10 yen to 3,505 yen. Fast Retailing Co. surged 1,700 yen or 5.1% to 34,900 yen.

Mitsubishi UFJ Financial Group closed unchanged at to 595 yen and Sumitomo Mitsui Financial Group gained 15 yen to 4,055 yen.

Sony Corporation electronics products maker reported revenue for the year ending in March jumped 10.6% to 718.13 billion yen compared to 649.32 billion yen a year ago. Net loss narrowed to 2.59 billion yen compared to 4.57 billion yen and diluted loss per share 258.66 yen from 455.03 yen.