Nikkei Leads Developed Markets with 9.1% Gain in 2015

Hiruki Nakamura
30 Dec, 2015
New York City

Nikkei 225 average in Tokyo closed up 9.1% and led the developed markets in the world. Bridgestone Corp said it has no plans to revise its offer higher for Pep Boys.

[R]4:30 PM Tokyo – Nikkei 225 average in Tokyo closed up 9.1% and led the developed markets in the world. Bridgestone Corp said it has no plans to revise its offer higher for Pep Boys.[/R]

After another day in positive territory, the stock exchange in Japan closed 2015 as one of the best-performing stock markets in the world.

Nikkei 225 average surged 9.1% in 2015.

The strong 2015 performance reflects the asset purchase program of the Bank of Japan, the weaker yen, which boosts export, and the economic recovery in the U.S., the largest market for Japanese products.

Markets are scheduled to reopen on Monday and traders are already setting expectations for another year of gains.

The Nikkei 225 Stock Average gained 51.48 or 0.3% to 19,033.71 and the broader Topix index added 3.91 to 1,547.30.

In December, Nikkei 225 declined 3.6% but surged 9.5% in the December quarter.

The yen edged down against the U.S. dollar to 120.38.

Stocks in Review

Bridgestone Corp gained 0.4% to 4,174 yen after the tire maker said that it wouldn’t counter the latest bid for Pep Boys made earlier this week by Icahn Enterprises LP of $18.50 a share, or $1 billion for the entire company.

Icahn and Bridgestone have been in a prolonged bidding war for the chain.

The board of directors of Pep Boys determined Icahn’s offer was superior and the deadline for Bridgestone’s response is 5 p.m. Eastern Time on Thursday.

Mitsubishi UFJ Financial Group Inc fell 0.3% to 757.10 yen after the financial services provider said it would reduce its lowest mortgage floating interest rate to 0.625% per year from 0.775%, starting from January 4, 2016.

Nippon Paper Industries Co., Ltd increased 1.1% to 1,964 yen despite reports that the paper manufacturer is expected to announce a decline in operating profit due to slower sales and high import costs.

Sales for the nine months ending in December are expected to drop 4% to 760 billion yen, while operating profit is forecast to tumble 20% to 15 billion yen

Otsuka Holdings Co Ltd slid 0.3% to 4,317 yen on reports that the diversified company’s sales for the year are expected to be flat at 605 billion yen with operating profit of 37 billion yen.