Tokyo Stocks Turn Higher, Mitsui Fudosan Launches $3 Billion Offering

Hiruki Nakamura
24 Jun, 2014
New York City

Stocks in Tokyo closed higher and the yen traded below 102 mark against the dollar. Investors focused on the fiscal second-half and expectations rose of earnings revisions led by exporters and retailers. Mitsui Fudosan began its $3 billion equity offering today.

[R]4:30 PM Tokyo – Stocks in Tokyo closed higher and the yen traded below 102 mark against the dollar. Investors focused on the fiscal second-half and expectations rose of earnings revisions led by exporters and retailers. Mitsui Fudosan began its $3 billion equity offering today.[/R]

Stocks in Tokyo advanced as investors focused on the second-half of the fiscal year and the prospect of rising earnings.

The latest increase in sales tax has not affected the consumer sentiment and analysts are revising earnings for the second-half led by leading exporters and retail companies.

Prime Minister Shinzo Abe is expected to hold a press conference today following the approval of economic growth plan from the cabinet today.

The Nikkei 225 Stock Average edged up 6.96 to 15,376.24 and the broader Topix index inched up 1.02 to 1,268.50.

The yen slid to close at 101.93 against one U.S. dollar.

Stocks in Review

ANA Holdings Inc gained 1.7% to 242 yen after the airline’s President Shinichiro Ito confirmed there is no plan for initial public offering to fund 70 new Boeing and Airbus aircraft with listed prices amounting to approximately 1.7 trillion yen.

Ito added the company will invest about 150 billion yen annually and 70 aircraft will be delivered by 2027 together with more than 60 other planes the company has ordered.

Mitsui Fudosan declined 1.9% to 3,451 yen after the largest real estate developer launched its offering to raise 329 billion yen today.

The company is launching its first share sale in 32 years to redeem bonds of 300 billion yen of which 30 billion yen bonds are maturing this year.

A year ago, the developer raised 10 billion yen through a 20-year note at a 31 basis points spread to the Japanese government bonds.

Suntory Holdings Limited, the alcoholic beverages maker is likely to appoint the chairman of convenience store operator Lawson Inc, as new president from October 1.

Takeshi Niinami will be the first leader from outside the founding family since 1899.

Toppan Printing Co Ltd rose 0.2% to 795 yen after the printing company plans to build a factory in the U.S. costing 10 billion yen to manufacture transparent barrier films.