Yen Drops to 7-year Low Against the Dollar, J Front October Sales Drop

Hiruki Nakamura
14 Nov, 2014
New York City

The yen declined to a seven-year low against the U.S. dollar and market indexes traded higher. Mitsubishi UFJ reports higher income in the first-half on rising loan volumes in international markets. Mizuho Financial said first-half net declined on lower fees and income.

[R]4:30 PM Tokyo – The yen declined to a seven-year low against the U.S. dollar and market indexes traded higher. Mitsubishi UFJ reports higher income in the first-half on rising loan volumes in international markets. Mizuho Financial said first-half net declined on lower fees and income.[/R]

The yen continued its slide against the U.S. dollar and the euro and market indexes extended weekly gains.

The Nikkei 225 Stock Average gained 98.04 or 0.6% to 17,490.83 and the broader Topix index increased 10.90 to 1,400.41.

For the week, Nikkei 225 climbed 3.6% and the yen closed at 119.36 against one dollar.

Stocks in Review

J.Front Retailing Co Ltd jumped 1.1% to 1,598 yen after the clothing, home appliances and food products retailer said total sales in October slipped 1.6% and sales from department store business dropped 1.7%. Sales from wholesale business segment declined 9.7% compared to same month a year ago.

Accessories sales plunged 5.7% and total household goods sales plummeted by 8%. Sales from restaurants & cafés business dropped 6.6% and sales from services segment tumbled 20.6%.

Mitsubishi UFJ Financial Group Inc increased 0.3% to 645.10 yen after the lender and insurance company said revenues in the first-half ending in September climbed 6.9% to 2.76 trillion yen from 2.58 trillion yen from a year ago period.

Net income in the quarter jumped 9.1% to 578.72 billion yen compared to 530.20 billion yen and diluted earnings per share rose to 40.66 yen from 36.68 yen in the same period a year ago.

Mitsubishi UFJ said it plans to buy back its shares as much as 1.27% for up to 100 billion yen between November 17 and March 31, 2015.

Mizuho Financial Group, Inc rose 0.4% to 205 yen after the bank and investment company reported revenues in the first-half ending in September slid 1.8% to 1.51 trillion yen from 1.54 trillion yen from a year ago period.

Net income in the quarter plunged 17.3% to 355.29 billion yen compared to 429.75 billion yen and diluted earnings per share dropped to 14 yen from 16.92 yen in the same period a year ago.

The bank forecasted net profit for the year to decline 20% to 550 billion yen from a year ago period. “We did not change our initial forecast,"" President Yasuhiro Sato said in the earnings news conference.

North Pacific Bank Ltd gained 1.7% to 476 yen after the financial service provider said revenues in the first-half ending in September declined 11.8% to 75.82 billion yen from 86 billion yen from a year ago period.

Net income in the quarter tumbled 42.7% to 10.07 billion yen compared to 17.59 billion yen and diluted earnings per share jumped to 42.91 yen from 25.24 yen in the same period a year ago.

Nexon Co Ltd surged 14.9% to 1,167 yen after the online games developer reported net sales in the nine-month ending in September climbed 7.6% to 130 billion from 120.87 billion yen a year ago period.

Net income in the quarter dropped 2.2% to 33.81 billion yen compared to 34.57 billion yen and diluted earnings per share slid to 76.35 yen from 77.69 yen in the same period a year ago.