Nikkei Rebounds 0.8%, Riso Kyoiku Plunges 15%

Hiruki Nakamura
17 Dec, 2013
New York City

Indexes in Tokyo advanced for the first time in five days and the yen traded near five-year low. Japanese government budget is expected to expand at least 4.5% in the next fiscal year. Riso Kyoiku plunged 15% and the company plans to investigate possible fraud at a subsidiary.

[R]4:30 PM Tokyo – Indexes in Tokyo advanced for the first time in five days and the yen traded near five-year low. Japanese government budget is expected to expand at least 4.5% in the next fiscal year. Riso Kyoiku plunged 15% and the company plans to investigate possible fraud at a subsidiary.[/R]

Japanese stocks advanced the for the first time in five days as investors took an optimistic view of the U.S. economy and the timing of the U.S. Fed tapering.

The Japanese government''s general account budget for fiscal 2014 is expected to reach a record 96 trillion yen from 92.6 trillion yen in the current fiscal 2013, according to sources in the finance ministry.

The Nikkei 225 Stock Average increased 125.72 or 0.8% to 15,278.63 and the Topix slumped 9.36 to 1,232.31.

The yen closed at 102.99 against one dollar.

Stocks in Review

Toyota Motor Corp gained 40 yen to 6,100 yen. Honda Motor Co. rose 30 yen to 4,090 yen. Nissan Motor Co Ltd slid 6 yen to 865 yen.

Sony slipped 19 yen to 1,775 yen.

Softbank Corp jumped 150 yen to 8,770 yen. Fast Retailing Co climbed 550 yen to 37,950 yen.

Kyocera Corporation slid 0.4% to 5,050 yen after the ceramic capacitor maker said it will reach basic agreement with Shiga prefecture for construction of a solar power generation facility.

Kyosan Electric Manufacturing Co., Ltd closed unchanged at 330 yen and the Japan-based signal systems and electrical equipment maker will start production of railway signal equipment in Taiwan.

The company expects to double overseas sales of signal systems in the fiscal year ending March 2015.

Riso Kyoiku Co., Ltd plunged 15% to 567 yen after Japan-based private education service provider said it plans to hire an outside panel of experts to investigate a possible accounting fraud at its subsidiary.

Tokyo Electric Power Co Inc jumped 2.1% to 535 yen and Nomura Holdings recommend buying the company bonds on a speculation that the government will limit the clean-up cost at the wrecked Fukushima nuclear plant.