Nikkei in Volatile Trading Gains 2.1%

Hiruki Nakamura
04 Jun, 2013
New York City

Stocks in Tokyo closed higher in volatile trading as banks and real estate developers plunge more than 20% in last two weeks. Market indexes in Tokyo are still up 30%, the best among developed markets but investors are increasingly cautious about future direction of Japanese markets.

[R]5:30 PM Tokyo – Stocks in Tokyo closed higher in volatile trading as banks and real estate developers plunge more than 20% in last two weeks. Market indexes in Tokyo are still up 30%, the best among developed markets but investors are increasingly cautious about future direction of Japanese markets. The yen rose above 100.[/R]

Stocks in Tokyo closed higher but in volatile trading indexes bounced in a wide range of 4.5%.

Market indexes have surged more than 80% in the last six months of trading and have fallen more than 15% in the last two weeks.

Nikkei and Topix closed higher today but many stocks are trading in a bear market phase with banks and brokerage stocks down more than 20% since May 22 peak and real estate developers have lost more than 25% in the period.

The Nikkei 225 Stock Average increased 2.1% to 13,533.76 and Topix index gained 2.6% to 1,125.47.

The yen rebounded from the low of 98.89 to close at 100.29 against one dollar in today’s trading.

Stocks in Review

Daiwa Securities Group gained 12% to close at 855 yen a day after plunging more than 11%.

Nomura Holdings, Inc increased 7.6% to 778 yen and Dai-ichi Life Insurance Co Ltd gained 2.9% to 138,800.

Mitsubishi UFJ Financial Group Inc soared 7.5% to close at 605 yen and Mizuho Financial Group, Inc surged 9% to 200 yen.

Toyota Motor Corp increased 2% to close at 5,930 yen, Nissan Motor Co. Ltd added 2.7% to 1,099 yen and Honda Motor Co Ltd edged up 0.8% to 3,765.