Nikkei in Tokyo Jumps 2.2% on Weaker Yen

Hiruki Nakamura
23 Aug, 2013
New York City

Nikkei index in Tokyo jumped 2.2% and electronics makers and automobile companies led the gainers as the yen declined to one-month low. Tokyo Electric Power declined 5% after the government demanded secured water tanks to store radioactive water.

[R]4:30 PM Tokyo – Nikkei index in Tokyo jumped 2.2% and electronics makers and automobile companies led the gainers as the yen declined to one-month low. Tokyo Electric Power declined 5% after the government demanded secured water tanks to store radioactive water.[/R]

Stocks surged and the yen dropped to a one-month low in Tokyo trading. Improving manufacturing data from China, U.S. and Europe lifted market sentiment in Japan and across Asia.

The Nikkei 225 Stock Average climbed 295.38 or 2.2% to 13,660.55 and the Topix jumped 22.07 to 1,141.63. For the week, Nikkei 225 gained 0.08%.

The yen fell to 99.14 against one dollar, the lowest since August 1.

Stocks in Review

Toyota Motor Corp jumped 170 yen to 6,220 yen and Honda Motor Co. climbed 90 yen to 3,730 yen. Nissan Motor Co Ltd advanced 34 yen to 1,028 yen.

Sony increased 60 yen to 1,966 yen.

Softbank Corp gained 110 yen to 6,300 yen after report the company plans to build 40 megawatt solar power station in central Japan.

Fast Retailing Co. soared 750 to 31,850 yen.

Amada Co., Ltd soared 5.3 to 769 yen after the metalwork manufacturer reported net sales in the first quarter ending in June climbed 21.9% to 45.21 billion yen from 37.08 billion yen a year ago. Net in the quarter swung to a profit 183 million yen compared to a loss of 1.17 billion yen.

Amada expects operating profit for the first-half to increase 150% and the company also completed a takeover of Miyachi Unitek Corp.

Tokyo Electric Power Company, Inc declined 4.9% to 508 yen after the government asks electric power supplier to preserve 300,000 tons of contaminated water at Fukushima plant. The volume of radioactive water is growing by 400 tons per day.