Yen Weakness Lifts Nikkei to Six-Year High

Hiruki Nakamura
03 Dec, 2013
New York City

The yen powered rally lifted market indexes lifted market averages near a six-year high. The yen dropped to the lowest since May. Sekisui Chemical soared 8% on a report that the company developed a cheaper and better material for batteries used in electric vehicles.

[R]4:30 PM Tokyo – The yen powered rally lifted market indexes lifted market averages near a six-year high. The yen dropped to the lowest since May. Sekisui Chemical soared 8% on a report that the company developed a cheaper and better material for batteries used in electric vehicles.[/R]

Stocks in Tokyo advanced and the Nikkei index traded at nearly six-year high as the yen edged lower.

The Nikkei 225 Stock Average increased 94.59 or 0.6% to 15,749.66 and the Topix rose 3.60 to 1,262.54.

The yen closed at 103.20 against one dollar.

Stocks in Review

Toyota Motor Corp added 20 yen to 6,390 yen and November sales in China including joint venture partner sales soared 41% in November from a year earlier.

Rival Hyundai said overseas vehicle sales fell 1% in November and domestic sales slumped 12% from a year earlier.

Honda Motor Co. slid 5 yen to 4,300 yen and China sales including partner sales in November soared 101.5% to 83,013 units, following 212% increases in October and 118% surge in September.

Nissan Motor Co Ltd fell 5 yen to 928 yen.

Sony gained 12 yen to 1,910 yen and the diversified electronics maker released two new camera models for professional photographers.

Softbank Corp soared 360 yen or 4.4% to 8,640 yen. Fast Retailing Co. closed unchanged at 38,950 yen.

Nippon Paper Industries Co., Ltd jumped 5.7% to 1,972 yen after the Credit Suisse Group AG raised its target the stock price.

Sekisui Chemical Co., Ltd climbed 7.5% to 1,298 yen after the Nikkei newspaper reported the company developed silicon-based material for its battery which will reduce the production costs nearly 60% and long-lasting material for lithium-ion batteries used in electric vehicles.