Yen in Tokyo Gains; Astella, Nissan, Olympus, Toyo Fire & Rubber

Hiruki Nakamura
12 May, 2014
New York City

Japan

[R]4:30 PM Tokyo – Japan’s current account in the fiscal year to March shrank 81% to 790 billion yen after exports dropped 12% to nearly $700 billion and imports soared 20% to $805 billion. Nissan reported higher fiscal year sales and earnings. Olympus annual sales declined 4% but net plunged 70%.[/R]

Stocks in Tokyo trading struggled after the yen gained and trading volume was below one-month average.

Investors focused on the latest earnings and current account surplus for the fiscal year ending in March shrank to the most in three decades.

The Nikkei 225 Stock Average gained 50.07 or 0.3% to 14,149.52 and the Topix index fell 7.60 to 1,157.91.

The yen closed at 101.89 against the U.S. dollar.

The Ministry of Finance said Japan’s current-account surplus in the year ended March tumbled 81.3% to 789.9 billion yen from 4.2 trillion yen a year ago, the lowest since finance ministry recording comparable data in 1985.

For the year, exports jumped 12.2% to 69.80 trillion yen while imports soared 19.6% to 80.67 trillion yen and foreign investments climbed 14% to a record high of 16.6 trillion yen from a year ago.

In the month of March Japan''s current account surplus plunged 90.9% to 116.4 billion yen compared to 1.28 trillion from a year earlier.

Stocks in Review

Toyota Motor Corp slipped 47 yen to 5,514 yen. Honda Motor Co slid 26 yen to 3,311 yen.

Nissan Motor Co Ltd fell 0.2% to 869 yen after the global automaker reported net revenue in the year ending in March climbed 20% to 10.48 trillion yen from 8.74 trillion yen a year ago.

Net income in the year soared 14% to 389 billion yen compared to 341.1 billion yen and diluted earnings per share was 92.82 yen.

Nissan forecasted sales in the fiscal 2014 to climb 8.9% to 5.65 million units and net revenue to increase to as high as 10.79 trillion yen and net income of approximately 405 billion yen.

Sony decreased 10 yen to 1,754 yen.

Softbank Corp slumped 115 yen to 7,161 yen. Fast Retailing Co Ltd rose 110 yen to 31,580 yen.

Astellas Pharma Inc fell 1% to 1,186 yen after the Japan-based pharmaceutical company said net sales in the year ending in March soared 16.1% to 1.14 trillion yen from 981.90 trillion yen a year ago period.

Profit in the year dropped 1.7% to 90.87 billion yen compared to 92.46 billion yen and earnings per share edged up 0.4% to 40.45 yen from 40.27 yen a year earlier.

The company said sales in the U.S. surged 38.3% to 287 billion yen and sales in Europe climbed 35.6% year-on-year to 264.3 billion yen from a year ago.

Olympus Corp climbed 4.8% to 3,185 yen after the Japan-based medical equipment maker stated net sales in the year ending in March dropped 4.1% to 713.29 billion yen from 733.85 billion yen a year ago.

Net income in the year climbed 70% to 13.63 billion yen compared to 8.02 billion yen and diluted earnings per share jumped to 41.05 yen from 28.96 yen a year earlier.

Tokyu Fudosan Holdings Corp slipped 1.5% to 733 yen after the real estate developer reported revenue in the year ending in March was 714.07 billion yen and net income in the year was 23.7 billion. Earnings per share were at 41.61 yen.

The company was established in October 2013 through joint share transfers as the wholly-owning parent company of Tokyu Land Corporation, Tokyu Community Corp. and other subsidiaries of Tokyu groups.

Toyo Tire & Rubber Co., Ltd surged 11.3% to 867 yen after the tire maker said net sales in the year ending in March jumped 14.9% to 96 billion yen from 83.53 billion yen a year ago.

Net income in the year climbed 114.5% to 9.08 billion yen compared to 4.23 billion yen.