Nikkei Leads Asian Markets Rebound

Hiruki Nakamura
26 Feb, 2015
New York City

Nikkei average rebounded to a new 15-year high after the yen weakened. Industrial & Infrastructure Fund said first-half revenues declined 2.9%. Sony said it is not planning to sell its TV and mobile phone businesses it plans to spin off.

[R]4:30 PM Tokyo – Nikkei average rebounded to a new 15-year high after the yen weakened. Industrial & Infrastructure Fund said first-half revenues declined 2.9%. Sony said it is not planning to sell its TV and mobile phone businesses it plans to spin off.[/R]

Stocks in Tokyo closed higher and the Nikkei index advanced to a new 15-year high as the yen weakened.

The Nikkei 225 Stock Average climbed 200.59 or 1.1% to 18,785.79 and the broader Topix index gained 14.06 to 1,521.68.

The yen traded at 118.95 against one dollar.

Stocks in Review

Industrial & Infrastructure Fund Investment Corporation rose 0.5% to 580,000 yen after the industrial real estate developer reported total revenues in the first-half ending in December dropped 2.9% to 6.58 billion yen from 6.78 billion yen a year ago period.

Net income in the period slipped 1.8% to 2.75 billion yen compared to 2.80 billion yen in the same period a year ago.

The industrial infrastructure developer forecasted revenues for the fiscal 2015 to be about 7.82 billion yen and net income of about 3.22 billion yen.

Mizuho Financial Group, Inc gained 0.5% to 220.10 yen after the Kyodo News reported bank and financial service provider is in advance talk with the Royal Bank of Scotland Group to acquire North American loan and derivative assets worth several hundred billion yen.

Panasonic Corporation increased 0.7% to 1,457 yen after the Nikkei news reported home appliance and electronic product maker plans open to its first showroom in Cambodia in May.

Sony Corporation jumped 2% to 3,346.50 yen after the electronic product maker’s chief executive officer Kazuo Hirai said the company will not immediately sell-off businesses such as its TV and mobile phone units that it plans to spin off.

TDK Corporation climbed 2.1% to 8,180 yen after the Nikkei news said magnetic application product maker plans to build a plant in Japan for electronic component for smart-phone and automobiles with an estimated cost of 25 billion yen or $208 million and a plan to start production in fourth-quarter of next year.