Japan Stocks and Yen Close Lower, Skymark Air Soars

Hiruki Nakamura
05 Jan, 2015
New York City

Japanese market indexes traded lower on the first trading day of the year and financial stocks were under pressure. Skymark Airlines soared 17% after the company called for an extraordinary investor meeting. NTT DoCoMo filed arbitration claim against India-based Tata Teleservices.

[R]4:30 PM Tokyo – Japanese market indexes traded lower on the first trading day of the year and financial stocks were under pressure. Crude oil declined to a new 5-year low. Skymark Airlines soared 17% after the company called for an extraordinary investor meeting. NTT DoCoMo filed arbitration claim against Tata Teleservices.[/R]

Stocks in Tokyo lacked direction and at close market indexes closed down and the yen eased.

Sentiment in trading was cautious ahead of the European and U.S. market trading and crude oil continued to slide and closed at a new 5-year low.

The latest Markit Economics survey showed manufacturing sector continued to expand in December with a Purchasing Manufacturing Index at 52, unchanged from the November.

The Nikkei 225 Stock Average slipped 42.06 or 0.2% to 17,408.71 and the broader Topix index fell 6.42 to 1,401.09.

The yen slid to 120.33 against one dollar.

Stocks in Review

NTT Docomo Inc fell 0.9% to 1,752.50 yen after the mobile communication service provider filed arbitration request in London, UK on January 3 against India-based Tata Teleservices Limited for failing to acquire Rs 7,250 crore stake from the company.

Today The Tata Sons, parent of the India based company said the company is still looking find a buyer for the 26.5% stake held by Japanese carrier for about $1 billion.

In April, Docomo said its plans to exit the joint venture by selling its stake.

Poletowin Pitcrew Holdings Inc gained 1.7% to 840 yen after the software error detection service provider said net sales in the nine-month ending in October jumped 5.1% to 11.01 billion yen from 10.48 billion yen a year ago period.

Net income in the period declined 31.2% to 732 million yen compared to 1.06 billion yen and diluted earnings per share dropped to 37.92 yen from 54.45 yen in the same period a year ago.