Largest Weekly Loss in Yen Since March

Hiruki Nakamura
22 Aug, 2014
New York City

Stocks in Tokyo closed lower and for the week the Nikkei index gained 1.5%. The yen weakened and construction companies led the market decline. The yen registered the largest weekly loss since March.

[R]4:30 PM Tokyo – Stocks in Tokyo closed lower and for the week the Nikkei index gained 1.5%. The yen weakened and construction companies led the market decline. The yen registered the largest weekly loss since March.[/R]

Stocks in Tokyo faced headwinds after a sustained rise in seven of nine trading days and resource stocks continued to remain in focus.

The Nikkei 225 Stock Average slipped 47.01 or 0.3% to 15,539.19 and the broader Topix index slid 5.12 to 1,286.07. For the week, Nikkei 225 jumped 1.5%.

The yen closed at 103.72 against one U.S. dollar and dropped more than 1% in the week.

Stocks in Review

GEO Holdings Corp rose 0.1% to 876 yen after the used products recycler and rent services provider reported net sales in the first-quarter ending in June jumped 2.2% to 59.19 billion yen from 57.92 billion yen a year ago period.

Net income in the quarter climbed 7.7% to 1.64 billion yen compared to 1.52 billion yen and diluted earnings per share increased to 30.36 yen from 28.19 yen a year earlier.

GungHo gained 1.4% to 580 yen after the company sold a special purpose company with a stake in Supercell Oy, the Finland based online game developer. The game maker will book a gain of 7.59 billion yen.

McDonald''s Holdings Co (Japan) Ltd edged up 0.04% to 2,657 yen after the company said it had not placed any orders to import chicken from Charoen Pokphand Foods of Thailand.

Shinsei Bank Ltd gained 0.9% to 220 yen after the financial service provider clarified that the bank is not planning to acquire any domestic retail bank of an overseas financial institution.

The Nikkei business daily reported that the bank was looking to bid for Japanese retail banking operations of Citigroup.