Yen at 6-year Low Against Dollar

Hiruki Nakamura
09 Sep, 2014
New York City

Stocks in Tokyo closed higher and the yen dropped to a six-year low against the dollar as geopolitical tensions rose. The U.K. pound declined 1% after the latest poll showed a narrow lead for Scotland to separate from U.K.

[R]4:30 PM Tokyo – Stocks in Tokyo closed higher and the yen dropped to a six-year low against the dollar as geopolitical tensions rose. The U.K. pound declined 1% after the latest poll showed a narrow lead for Scotland to separate from U.K.[/R]

Stocks in Tokyo closed higher and the yen dropped to a six-year low against the dollar and geo political tensions were in focus.

The U.K. pound dropped 1% after polls showed for the first time a narrow victory for the Scotland to break up its three centuries old union with England.

For the first time, international investors began factoring the impact on trade balance and reallocation of oil revenues that will dent international trade position of the third largest economy in Europe.

The Nikkei 225 Stock Average gained 44.04 or 0.3% to 15,749.15 and the broader Topix index edged up 0.98 to 1,299.62.

The yen declined to close at 106.35 against one U.S. dollar.

Hong Kong and South Korean markets were closed today.

Stocks in Review

Bit-isle Inc gained 1.5% to 684 yen after the information technology provider said revenues in the year ending in July jumped 5.6% to 17.60 billion yen from 16.66 billion yen a year ago period.

Net income in the year plunged 18.8% to 1.38 billion yen compared to 1.70 billion yen and diluted earnings per share declined to 38.39 yen from 49.70 yen a year earlier.

Ricoh Co Ltd rose 0.8% to 1,197.50 yen and the office and industrial equipment maker is scheduled to set up two offices in Kanagawa Prefecture by the end of this month to sell 3-D printers of other brands.

The company plans to produce its own 3-D printers in 2016 and that are expected to be priced at more than several million yen.

Rakuten Inc slipped 1.3% to 1,254 yen and the e-commerce company today agreed to acquire the U.S.-based Ebates Inc cash-back shopping website operator in North America for $1 billion in cash.

Token Corporation slumped 1.9% to 4,710 yen after the construction company reported net sales in the first-quarter ending in July climbed 8.6% to 62.99 billion yen from 58.03 billion yen a year ago period.

Net income in the surged 70.7% to 1.22 billion yen compared to 715 million yen and earnings per share jumped to 90.66 yen from 53.10 yen a year earlier.

Tomita Electric Co., Ltd closed unchanged at 160 yen after the ferrite cores producer said net sales in the second-quarter ending in July soared 13.4% to 828 million yen from 730 million yen a year ago period.

Net income in the quarter tumbled 82% to 13 million yen compared to 74 million yen and earnings per share dropped to 2.02 yen from 11.24 yen a year earlier.

The company lifted revenue forecast for the year to 1.70 billion yen and net profit to increase to 22 million yen from 17 million yen a year ago period.