Yen Drops to a New Six-year Low

Hiruki Nakamura
12 Sep, 2014
New York City

Stock market in Japan looked to currency trading and the yen declined to new six-year low and traded above 107 against the U.S. dollar. For the week, the Nikkei increased 1.8%. Ateam, the online gambling site operator estimated higher annual revenues and earnings.

[R]4:30 PM Tokyo – Stock market in Japan looked to currency trading and the yen declined to new six-year low and traded above 107 against the U.S. dollar. For the week, the Nikkei increased 1.8%. Ateam, the online gambling site operator estimated higher annual revenues and earnings.[/R]

Stocks in Tokyo closed higher and extended weekly advance and the yen dropped to a new six-year low.

The Nikkei 225 Stock Average gained 39.09 or 0.2% to 15,948.29 and the broader Topix index edged up 2.48 to 1,313.72. For the week, Nikkei 225 jumped 1.8%.

The yen declined to close at 107.22 against one U.S. dollar.

Stocks in Review

Ateam Inc dropped 2.9% to 6,350 yen after the online gaming company forecasted revenue for the fiscal 2015 to increase to 15 billion yen from 12.03 billion yen and net income to jump to 1.08 billion yen from 807 million yen of fiscal 2014.

DyDo Drinco, Inc climbed 2.3% to 4,430 yen after the beverages maker reported net sales in the second-quarter ending in July dropped 2.4% to 75.76 billion yen from 77.68 billion yen a year ago period.

Net income in the quarter tumbled 31.4% to 1.17 billion yen compared to 1.71 billion yen a year earlier.

The company forecasted net sales for the year to increase 0.1% to 155 billion yen from 154.8 billion yen and net income to decline 19.2% to 3 billion from 3.71 billion a year ago period.

Planet, Inc jumped 2.5% to 1,169 yen after the construction company stated net sales in the first-quarter ending in June rose 1.9% to 2.74 billion yen from 2.69 billion yen a year ago period.

Net income in the quarter declined 8.6% to 402 million yen compared to 440 million yen and diluted earnings per share dropped to 60.69 yen from 66.40 yen a year earlier.

Shoei Foods Corporation rose 0.1% to 900 yen after the dairy products maker reported revenue in the third-quarter ending in July climbed 11.1% to 74.36 billion yen from 66.90 billion yen a year ago period.

Net income in the quarter tumbled 30.8% to 1.29 billion yen compared to 1.87 billion yen and earnings per share slumped to 66.50 yen from 96.16 yen a year earlier.