Market Updates
New Six-year Low in Yen and High in Nikkei and Topix
Hiruki Nakamura
25 Sep, 2014
New York City
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The yen declined to a new six-year low and lifted market indexes to a new six-year high after investors increase stock exposure ahead of dividends. The yen closed at 109.25 against one dollar and the Nikkei Average gained 1.3%.
[R]4:30 PM Tokyo – The yen declined to a new six-year low and lifted market indexes to a new six-year high after investors increase stock exposure ahead of dividends. The yen closed at 109.25 against one dollar and the Nikkei Average gained 1.3%.[/R]
Stocks in Tokyo closed higher after investors added exposure to risky assets ahead of dividends and Nikkei Average and Topix closed at the highest in six years.
The Nikkei 225 Stock Average jumped 206.69 or 1.3% to 16,374.14 and the broader Topix index increased 20.25 to 1,346.43.
The yen dropped to new a six-year low of 109.25 against one U.S. dollar.
Stocks in Review
Minebea Co Ltd climbed 5.1% to 1,484 yen after the Nikkei newspaper reported rod and ball bearings maker is likely to its operating profit forecast for the year to 17 billion yen from earlier guidance of 12.9 billion yen.
Panasonic Corporation gained 1.3% to 1,320 yen after the electronics products maker plans to acquire approx 50% stake in Spain-based auto parts maker Ficosa International S.A. to bolster its development of advanced vehicle safety systems for about 30 billion yen.
Ficosa reported revenue in the fiscal 2013 of 130 billion yen.
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