4:30 PM Tokyo – Nikkei average soared nearly 8% after dipping into negative territory following a broader rally in Asia. In the largest one-day gain since October 2008, Nikkei closed at a one-week high. Toshiba traded volatile and SoftBank and Fanuc led gainers in the index.
Stocks and market indexes in Tokyo soared and logged the largest one-day gain in seven years after investors stepped and increased stock exposure.
On the economic front, money supply continued to increase in Japan in August at a faster pace than in July.
The M2 money stock in August jumped 4.2% to 912.3 trillion yen followed by downwardly revised 4% increase in July, the Bank of Japan said today.
The Nikkei 225 Stock Average surged 1,343.43 or 7.7% to 18,770.51, the biggest single-day gain since October 2008 and the broader Topix index jumped 90.66 or 6.4% to 1,507.37.
The yen strengthened to 120.60 against a dollar.
Stocks in Review
Hakuhodo Dy Holdings Inc
soared 6.9% to 1,191 yen after the marketing and advertising company said total group sales in August surged 9.5% to 44.31 billion yen.
The company said sales in Daiko segment jumped 10.5% to 9.13 billion yen and sales in Yomiko business increased 8.7% to 4.84 billion yen from the same month in a year ago.
Miraial Co., Ltd
jumped 3.3% to 1,143 yen after the semiconductor products maker said net sales in the second-quarter ending in July declined 7.8% from a year ago to 4.43 billion yen from 4.80 billion yen.
Net income in the quarter plunged 24% to 380 million yen compared to 500 million yen and earnings per share slipped to 42.29 yen form 55.65 yen in the sae period a year ago.
Nippon Building Fund Inc
gained 0.8% 506,000 yen after the real estate developer intends to borrow 20 billion yen in three tranche for through unsecured, unguaranteed and repayable in one lump sum on due date from September 11 maturing in 2019, 2023 and 2027.