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Market Update

Bank of Japan Committed to Bond Purhcase Program


Author: Hiruki Nakamura
ticker.com
Last Update: 9:38 AM ET March 11 2014

4:30 PM Tokyo – Insurance companies in Tokyo traded higher after the Bank of Japan reiterated its plan to purchase bonds between 60 billion yen and 70 billion a month. Market indexes in Japan are down 5.3% in the year so far and are at the bottom of eight most actively traded markets.

Stocks in Tokyo advanced and the central bank reaffirmed its plan to purchase bonds.

The Bank of Japan in a statement today reiterated its plan to purchase between 60 trillion yen and 70 trillion yen and expand its monetary pace at a record pace.

Also, investors focused on the ongoing investigation of a Malaysian Airlines plane crash in the Gulf of Thailand.

The Boeing made plane vanished over the vast expanse of sea and investigators have still not determined the cause of the plane crash with 239 passengers and crew on board.

The Nikkei 225 Stock Average gained 103.97 or 0.7% to 15,224.11 and the Topix index rose 5.60 to 1,233.21.

The yen declined to 103.29 against the U.S. dollar.

Stocks in Review

Toyota Motor Corp added 21 yen to 5,842 yen.

Honda Motor Co climbed 108 yen or 2.9% to 3,840 yen after the automobile company set up a separate Honda and Acura divisions in the United States.

Nissan Motor Co Ltd rose 0.1% to 893 yen.

Sony increased 3 yen to 1,867 yen.

Softbank Corp jumped 205 yen to 8,178 yen. Fast Retailing Co advanced 180 yen to 37,870 yen.

Fuji Electric Co Ltd rose 0.4% to 477 yen.

Panasonic Corporation slipped 1.1% to 1,287 yen after the Japan-based electronics products maker and Sony plans to launch next-generation optical discs for professional-use for long-term digital data storage with a recording capacity of 300 gigabytes per disc by summer 2015.

They jointly have formulated ""Archival Disc"", as demand increased significantly in the film and broadcasting industry and the cloud data business.

Taiheiyo Cement Corporation soared 4.7% to 380 yen after the Nikkei newspaper reported that company''s U.S.-based unit is likely to post its profit in the period ending in March 2015, first in six years.

The company’s sales in North America account for less than 6% of total sales.

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Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc