Yen in Tokyo Eases for 3rd Day, Nikkei Rises

Hiruki Nakamura
27 Aug, 2014
New York City

Stocks in Tokyo closed higher and the yen eased for the third day in a row. Central Japan Railway sought a 9 trillion yen plan approval for high speed trains between Tokyo and Nagoya by 2027.

[R]4:30 PM Tokyo – Stocks in Tokyo closed higher and the yen eased for the third day in a row. Central Japan Railway sought a 9 trillion yen plan approval for high speed trains between Tokyo and Nagoya by 2027.[/R]

Market indexes in Tokyo extended gains in the week and the yen continued to slide for the third day after advancing in two previous weeks.

The Nikkei 225 Stock Average gained 13.60 to 15,534.82 and the broader Topix index rose 0.91 to 1,285.92.

The yen closed at 103.93 against one U.S. dollar.

Investors also took positive view of the U.S. consumer confidence index increase to the most since 2007 and a surge in durable goods orders.

The private survey conducted by the Conference Board showed the confidence index increased to 92.4 in August from 90.3 in July.

Stocks in Review

Central Japan Railway Company slipped 1.6% to 14,665 yen after the railway company applied for plan approval of 9 trillion yen with the transport ministry to build high-speed magnetically levitated train line between Tokyo and Nagoya by 2027.

Fujitsu Ltd fell 1.1% to 731.50 yen after the communication technology provider agreed to acquire the U.S.-based GlobeRanger Corp., the defense technology provider.

Invincible Investment Corporation closed unchanged at 9,660 yen after the real estate developer reported revenue in the first-half ending in June climbed 37.8% to 3.77 billion yen from 2.74 billion yen a year ago period.

Net income in the period surged 155.9% to 901 million yen compared to 352 million yen and earnings per share jumped to 573 yen from 259 yen a year earlier.

Kawasaki Kisen Kaisha, Ltd climbed 3.3% to 251 yen after the marine transportation company president Jiro Asakura said in an interview that the company has targeted return on equity of 10% by fiscal 2019.