After 15 Years Nikkei in Tokyo Jumps Above 20,000

Hiruki Nakamura
22 Apr, 2015
New York City

Market indexes in Tokyo advanced and the popular Nikkei average jumped above 20,000 for the first time in fifteen years. Chugai Pharmaceuticals said fiscal year sales declined 5.6%. Idemitsu Kosan estimated wider annual loss.

[R]4:30 PM Tokyo – Market indexes in Tokyo advanced and the popular Nikkei average jumped above 20,000 for the first time in fifteen years. Chugai Pharmaceuticals said fiscal year sales declined 5.6%. Idemitsu Kosan estimated wider annual loss.[/R]

Market indexes in Tokyo advanced after foreign investors stepped up exposure to large-cap stocks and banking sector.

The international trade account swung to a surplus in March to 229.3 billion yen compared to a loss of 1.45 trillion yen in the same month a year ago, the Finance Ministry announced today.

The ministry said export in March climbed 8.5% to 6.93 trillion yen from 6.38 trillion yen in the month a year ago

Import in the month plunged 14.5% to 6.70 trillion yen compared to 7.83 trillion yen in the same month a year ago.

The Nikkei 225 Stock Average climbed 224.81 or 1.1% to 20,133.90 and the broader Topix index gained 12.91 to 1,621.79.

The yen closed at 119.51 against a dollar.

Stocks in Review

Chugai Pharmaceutical Co., Ltd climbed 3.5% to 3,885 yen after the pharmaceutical company reported revenues in the first-quarter ending in March dropped 5.6% to 1.17 trillion yen from 1.24 trillion yen in a year ago period.

Net income in the period plunged 22.3% to 14.58 billion yen compared to 18.78 billion yen and earnings per share declined to 26.68 yen from 34.41 yen in the same period a year ago.

The company forecasted revenues for the year to jump 5.5% to 4.87 trillion yen and operating profit to climb 10% to 85 billion yen.

Idemitsu Kosan Co., Ltd edged up 0.08% to 2,360 yen after the petrochemical company forecasted additional extraordinary impairment losses in the fourth-quarter ending in March from oil exploration and production operations in the British North Sea of about 39.2 billion yen.

The company revised net sales forecast for the fiscal year to jump 2% to 4.63 trillion yen from the earlier estimate of 4.54 trillion yen.

Net loss widened to 138 billion yen compared to previous guidance of 98 billion yen.

Sony Corporation slid 0.1% to 3,675.50 yen after the electronic products maker estimated fiscal year annual revenue increased 5.7% to 8.21 trillion yen from 7.77 trillion yen in a year ago period.

Net loss in the fiscal year ending in March narrowed to 126 billion yen compared to 128.4 billion yen in the same period a year ago.

In February, Sony forecasted revenues of 8 trillion yen and net loss of about 170 billion yen.

Pal Co., Ltd slipped 1.8% to 3,825 yen after the apparel retailer reported net sales in the year ending in February jumped 8.1% to 108.09 billion yen from 100.03 billion yen in a year ago period.

Net income in the period surged 40.6% to 4.09 billion yen compared to 2.91 billion yen and earnings per share climbed to 186.04 yen from 132.31 yen in the same period a year ago.

The retailer forecasted net sales for the first-half ending in August to soar 11.6% to 57.71 billion yen and net income to climb 40.7% to 2.86 billion yen.

The company forecasted net sales for the year to surge 10.6% to 119.54 billion yen and net income to advance 31% to 5.36 billion yen.