Japan Exports Surge in February; Budget Passed

Mayank Mehta
24 Mar, 2010
New York City

Japanese lawmakers approved 92.3 trillion yen or $1 trillion budget for the next year starting April 1 and the government plans to raise 44 trillion yen through bonds. February exports surged 45.3%, the fastest pace in three decades as demand recovers in China, Europe and the U.S.

[R]6:00 AM Tokyo, Japan – Japanese lawmakers approved 92.3 trillion yen or $1 trillion budget for the next year starting April 1 and the government plans to raise 44 trillion yen through bonds. February exports surged 45.3%, the fastest pace in three decades as demand recovers in China, Europe and the U.S., according to the latest data from the Finance Ministry.[/R]

Japanese lawmakers approved 92.3 trillion yen or $1 trillion budget for the next year starting April 1 and the government plans to raise 44 trillion yen through bonds.

February exports surged 45.3%, the fastest pace in three decades as demand recovers in China, Europe and the U.S., according to the latest data from the Finance Ministry.

Monthly exports reached 5.1 trillion yen or $57 billion, still lower than 7.7 trillion yen in March 2008. Imports in the month increased 29.5%, the fastest pace in three years and trade surplus soared to 651 billion yen.

Shipments to Asia soared 55.7% from a year ago, slower than 68.1% rise in January. Exports to China increased 47.7% in the month after surging at a record pace of 79.9% in January.

The Nikkei 225 Index in Tokyo closed higher 40.88 or 0.38% to 10,815.03 and of the stocks in Nikkei 225 Stock Average, 129 increased, 79 declined and 17 was unchanged.

Nikkei Movers

Nippon Light Metal Company, Ltd led the decliners in the Nikkei 225 Stock Average with a loss of 3.6% followed by losses in Mitsui Chemicals, Inc of 3.2%, in J Front Retailing Co Ltd of 3.2%, in Sony Corporation 2.7% and in Fuji Electric Holdings Co., Ltd 2.6%.

NSK Ltd led gainers in the Nikkei 225 Stock Average with a rise of 4.8% followed by gains in Mitsumi Electric Co Ltd 3.8%, in JTEKT Corporation of 3.8% and in Maruha Nichiro Holdings Inc 3.8%.

Other Movers

Canon Inc added 1.7% to 4,160.00 yen and Kyocera Corp increased 2.7% to 8,900 yen after exports in February surged. Olympus Corp increased 1.2% to 2,955 yen and Sharp Corp added 3.2% to 1,125 yen.

Mitsui O.S.K. Lines, Ltd the ship fleet operator rose 2.2% to 634.00 yen and Itochu Corporation rose 1.4% to 816.00 yen on the expectations of sharply higher iron ore prices. Valor Economico in Brazil reported that the largest iron ore mining company released new iron ore prices and doubled some grades to more than 100%.

Nintendo Co., Ltd gained 8.6% to 30,250.00 yen the maker of Wii said Tuesday it plans to release a 3-D version of its popular handheld gaming system, the Nintendo DS, by March 2011.

NSK Ltd rose 4.8% to 716.00 yen after the bearing maker raised its profit estimate for full-year ending in March to 3.5 billion yen compared to the previous estimate of break even.

Sony Corp fell 2.7% to 3,545 yen.