Nikkei Surges 2.4% in Day Two of Asian Rally

Hiruki Nakamura
19 Dec, 2014
New York City

Market indexes in Japan closed up 2.4% and for the week, the Nikkei index gained 1.4%. The yen resumed its downward decline and flirted with 120 mark against one dollar.

[R]4:30 PM Tokyo – Market indexes in Japan closed up 2.4% and for the week, the Nikkei index gained 1.4%. The yen resumed its downward decline and flirted with 120 mark against one dollar.[/R]

Stocks in Tokyo rallied following a surge in Asian markets after the U.S. and European markets extended gains for the second day in a row.

Nikkei index surged 2.4% in the session and for the week the market average gained 1.4% after the yen resumed its slide.

Stocks were volatile in the week after the five-month long decline in oil prices plunged Russian ruble to a record low and investors turned cautious. The yen and the dollar briefly rallied and stocks in Japan and Asia drifted lower in a volatile pattern.

The Nikkei 225 Stock Average climbed 411.35 or 2.4% to 17,621.40 and the broader Topix index jumped 33.29 or 2.4% to 1,409.61.

For the week, Nikkei 225 gained 1.4%.

The yen increased 0.4% to 119.39 against one dollar.

Stocks in Review

Japan Rental Housing Investments Inc climbed 3.5% to 91,800 yen after the investment company agreed to acquire Serenite ShinOsaka Nibankan located in Osaka for about 3.51 billion yen.

Mitsui & Co Ltd jumped 3.2% to 1,547.50 yen and the largest trading company in Japan signed an agreement with Taquari Participacoes S/A to acquire a stake in Companhia de Gas do Ceara S.A., a local gas distribution company in Brazil.

Oracle Corporation Japan rose 0.6% to 4,690 yen after the software developer reported revenues in the second-quarter ending in November jumped 7.6% to 78.16 billion yen from 72.65 billion yen a year ago period.

Net income in the quarter surged 23.5% to 14.71 billion yen compared to 11.91 billion yen and diluted earnings per share increased to 115.56 yen from 93.68 yen in the same period a year ago.