Nikkei in Tokyo Eases 0.9%, Japan Exchange Net Soars

Hiruki Nakamura
28 Apr, 2014
New York City

Stocks in Tokyo closed lower in choppy session and investors focused on domestic corporate earnings. Japan Exchange Group said fiscal year sales soared62% and net nearly tripled. Japan Display estimated lower than expected fiscal year income. Panasonic Corp annual net swung to profit.

[R]4:30 PM Tokyo – Stocks in Tokyo closed lower in choppy session and investors focused on domestic corporate earnings. Japan Exchange Group said fiscal year sales soared62% and net nearly tripled. Japan Display estimated lower than expected fiscal year income. Panasonic Corp annual net swung to profit.[/R]

Tokyo stocks wavered in the session with a negative bias and closed down and the yen gained ground against the dollar.

The Nikkei 225 Stock Average slipped 141.03 or 0.9% to 14,288.23 and the Topix index fell 9.25 to 1,160.74.

The yen closed at 102.21 against the U.S. dollar.

Stocks in Review

Toyota Motor Corp slid 21 yen to 5,473 yen after the media report automobile company plans to restructure its U.S. sales and marketing operations in suburban Dallas, Texas.

Honda Motor Co declined 155 yen or 4.5% to 3,315 yen. Nissan Motor Co Ltd fell 0.9% to 874 yen.

Sony slid 21 yen to 1,815 yen.

Softbank Corp slumped 184 yen to 7,550 yen. Fast Retailing Co Ltd dropped 630 yen to 32,140 yen.

Japan Exchange Group, Inc plunged 6.2% to 2,062 yen after the Japan-based trading exchange operator reported net sales in the year ending in March soared 62.1% to 116.3 billion yen from 71.71 billion yen a year ago.

Net income in the year surged 172.7% to 29.8 billion yen compared to 10.94 billion yen and earnings per share jumped to 108.68 yen from 64.59 yen a year earlier.

Japan Display Inc tumbled 15.9% to 672 yen after the Japan-based smart-phone and tablet screens maker forecasted operating profit in the year ending in March of 27.2 billion yen from earlier estimate of 30.4 billion yen.

Panasonic Corporation fell 0.7% to 1,120 yen after the Japan-based electronics products maker said net sales in the year ending in March climbed 106% to 7.74 trillion yen from 7.30 trillion yen a year ago period.

Net in the year swung to a profit 120.44 billion yen compared to a loss of 754.25 billion yen and earnings per share swung to 52.10 yen from a loss of 326.28 yen a year earlier.