Fall in Yen Extends Broader Rally in Japanese Stocks to Second Week

Hiruki Nakamura
03 Apr, 2014
New York City

Investors in Tokyo extended broader rally in stocks to the second week. Electronics makers and auto exporters led the gainers after the yen declined 0.2%, the second weekly decline in a row. Softbank increase investment in a messaging venture with India based Bharti Enterprises.

[R]4:30 PM Tokyo – Investors in Tokyo extended broader rally in stocks to the second week. Electronics makers and auto exporters led the gainers after the yen declined 0.2%, the second weekly decline in a row. Softbank increase investment in a messaging venture with India based Bharti Enterprises.[/R]

Broader stocks in Tokyo extended rally to the ninth day in a row and the yen dipped near 104 against the dollar.

Investors in Japan added exposure to stocks after the yen dropped again for the third day in a row and currency traders looked for 106 level against the dollar.

Investors were also positive after Japanese automakers reported a rise in sales in the U.S. and electronics exporters were in demand on the weaker yen.

The Nikkei 225 Stock Average climbed 125.56 or 0.8% to 15,071.88 and the Topix index rose 5.41 to 1,216.77.

The yen gained to 103.96 against the U.S. dollar.

Stocks in Review

Toyota Motor Corp slid 3 yen to 5,840 yen. Honda Motor Co rose 38 yen to 3,700 yen. Nissan Motor Co Ltd added 0.4% to 939 yen.

Sony gained 1 yen to 1,991 yen.

Softbank Corp increased 74 yen to 8,140 yen after the mobile communication service provider and India-based Bharti Enterprises invested additional $14 million in mobile instant messaging application ''hike'' that crossed 15 million users in February.

A joint-venture between Bharti Enterprises and SoftBank Corporation, BSB invested $7 million in April 2013.

Fast Retailing Co jumped 670 yen to 38,400 yen.

Sharp Corporation gained 1.5% to 326 yen after the Nikkei reported the electronics products maker plans to double its China shipments of energy-efficient liquid-crystal displays for smart-phones by the end of the year.

According to the Nikkei, Sharp currently ships between 2 million to 3 million panels per month.