Market Updates
Nikkei in Holding Pattern Ahead of Policy Direction
Hiruki Nakamura
27 Aug, 2013
New York City
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Indexes in Japan closed lower and investors awaited policy announcements on sales tax and labor market reforms. Nissan Motor plans to spend$5 billion and increase its production capacity to 2 million vehicles in the U.S. by 2014. ANA Holdings plans to invest 10% stake in Myanmar based airline.
[R]4:30 PM Tokyo – Market indexes in Japan closed lower and investors awaited policy announcements on sales tax and labor market reforms. Nissan Motor plans to spend$5 billion and increase its production capacity to 2 million vehicles in the U.S. by 2014. ANA Holdings plans to invest 10% stake in Myanmar based airline.[/R]
Market sentiment in Tokyo was weak and trading volume hovered near the low of the year as investors awaited more announcement on the economic front from prime minister and the next move from the U.S. Federal Reserve.
The Nikkei 225 Stock Average slipped 93.91 or 0.7% to 13,542.37 and the Topix slid 5.98 to 1,134.02.
The yen rose to 97.80 against one dollar.
Stocks in Review
Toyota Motor Corp dropped 50 yen to 6,160 yen and Honda Motor Co. slumped 35 yen to 3,700 yen.
Nissan Motor Co Ltd slid 14 yen to 1,009 yen and the automakers plans to spend $5 billion to expand capacity to more than 2 million units in 2014.
Sony climbed 56 yen to 2,037 yen.
Softbank Corp fell 30 yen to 6,240 yen and Fast Retailing Co. declined 450 to 31,300 yen.
ANA Holdings Inc slid 0.5% to 208 yen and the airline plans to buy 49% stake for 3 billion yen or about $30.45 million in Myanmar carrier Asian Wings Airways.
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