4:30 PM Tokyo – Nikkei index in Tokyo gained for the third day in a row and increased to a high not seen since January and the yen declined to an eight month low. Prime Minister Shinzo Abe is expected to shakeup cabinet and appoint a reform minded minister that may lead to overhaul of GPIF.
Market indexes in Tokyo closed to a seven-month high and the yen weakened to an eight-month low on the rising expectations of U.S. economic growth after the latest manufacturing data was ahead of expectations.
The Nikkei index increased for the third day in a row and lifted the index to the level last seen in January.
The Nikkei 225 Stock Average increased 59.75 or 0.4% to 15,728.35 and the broader Topix index rose 4.52 to 1,301.52.
The yen declined to close at 104.94 against one U.S. dollar.
Market indexes gained on the expectations of cabinet shakeup and Prime Minister Shinzo Abe is expected to announce the appointment of Yasuhisa Shiozaki as the minister of labour, health and welfare.
The ministry is responsible for the Government Pension Investment Fund and Shiozaki is a proponent of an overhaul of the pension fund that may lead to higher allocation to stocks.
Stocks in Review
ANA Holdings Inc
gained 1.1% to 257.70 yen after the airline and Germany-based Lufthansa Cargo AG planned a joint air cargo venture on routes between Japan and Europe.
The venture will begin accepting shipments originating from Japan for Europe from the next winter and from Europe to Japan from mid-2015.
Fast Retailing Co Ltd
climbed 1.7% to 33,735 yen after the retailer said same-store sales at its flagship Uniqlo clothing stores in Japan jumped 3.8% in August from a year ago while sales at company’s own stores soared 6.1%. Total sales including online sales climbed 6.2%.
, the trading exchange company agreed on a capital and business partnership with the Switzerland-based Winkontent AG, the publisher of monthly global affairs and lifestyle magazine. Nikkei will take a stake in its London-based magazine.
Tokyo Electric Power Co Inc
closed unchanged at 382 yen after the electric power supplier plans to form a new joint company with Chubu Electric Power Co. to reinforce its thermal power plant operations.