Broader Market Indexes in Tokyo Reverse Early Gains

Hiruki Nakamura
22 Apr, 2014
New York City

Broader market indexes declined after reversing earlier gains in the day and commodities linked stocks were in focus. Yasakawa Electric declined after the power company estimated lower than expected current year income. Monex Group, the online security provider said fiscal year revenues increased 51%.

[R]4:30 PM Tokyo – Broader market indexes declined after reversing earlier gains in the day and commodities linked stocks were in focus. Yasakawa Electric declined after the power company estimated lower than expected current year income. Monex Group, the online security provider said fiscal year revenues increased 51%.[/R]

Broader market indexes reversed earlier gains and closed down and the yen added 0.2%.

The Nikkei 225 Stock Average slipped 123.61 or 0.8% to 14,388.77 and the Topix index slid 8.90 to 1,162.50.

The yen closed up 0.2% to 102.53 against the U.S. dollar.

U.S. President Barack Obama is scheduled to arrive in Tokyo tomorrow and round up the Asian travel with visits to Philippines, South Korea and Malaysia.

Iron ore prices eased on the prospect of new government easing ban on the export of the ore.

Tiremakers gained on the prospects of a weaker rubber prices in the current quarter according to a report from Goldman Sachs.

Stocks in Review

Toyota Motor Corp slid 12 yen to 5,558 yen. Honda Motor Co fell 8 yen to 3,428 yen. Nissan Motor Co Ltd decreased 0.1% to 896 yen.

Sony slipped 33 yen to 1,899 yen.

Softbank Corp closed unchanged at 7,722 yen. Fast Retailing Co Ltd dropped 840 yen to 32,860 yen.

Monex Group, Inc slumped 2.5% to 349 yen after the Japan-based online securities service provider said revenue in the year ending in March climbed 51.5% to 54.7 billion yen from 36.09 billion yen a year ago.

Net income in the year soared 164% to 10.30 billion yen compared to 3.90 billion yen a year earlier.

Panasonic Information Systems Co Ltd slipped 1% to 2,661 yen after the Japan-based information technology solution provider stated net sales in the year ending in March increased 3.3% to 36.3 billion yen from 35.2 billion yen a year ago.

Net income in the year slid 0.6% to 2.68 billion yen compared to 2.70 billion yen and earnings per share fell to 252.01 yen from 253.56 yen a year earlier.

Yasakawa Electric Corporation plunged 5.1% to 1,260 yen after the Japan-based electrical equipment maker reported revenue in the year ending on March 20 soared 17.1% to 363.6 billion yen from 310.4 billion yen a year ago.

Net income in the year surged 149.4% to 16.96 billion yen compared to 6.80 billion yen and diluted earnings per share climbed to 63.98 yen from 25.65 yen a year earlier.

The stock declined after the company estimated lower than expected full-year income.