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Market Update

Current Account Surplus Widens in Japan, Softbank Net Rises 29%


Author: Hiruki Nakamura
ticker.com
Last Update: 10:27 AM ET May 13 2015

4:30 PM Tokyo Market indexes in Japan lacked direction and current account in March widened to the largest since 2008. Separately, finance ministry said seasonally unadjusted exports increased 6.2% and imports declined 0.6%. Softbank annual net soared 29%.

Market indexes in Tokyo traded volatile and investors focused on latest earnings releases and investors remained optimistic that the Bank of Japan will continue to buy stocks.

After the close, Bank of Japan bought 36.1 billion yen of index focused Exchange Traded Fund on Tuesday.

Current account surplus in March surged more than five-fold to 7.81 trillion yen from 1.47 trillion yen a year ago month. The surplus was the widest since 2008.

Export in the month climbed 8.4% to 75.61 trillion yen compared to 69.75 trillion yen in the same month a year ago, the Finance Ministry said.

Total imports in March jumped 1.8% to 82.18 trillion yen from 80.77 trillion yen in March 2014.

Separately ministry said export in first 20 days of April climbed 6.2% to 4.14 trillion yen and imports dropped 0.6% to 4.41 trillion yen from a year ago month.

The provisional data are not adjusted for season factors.

The Nikkei 225 Stock Average jumped 139.88 or 0.7% to 19,764.72 and the broader Topix index rose 1.94 to 1,604.21.

The yen closed at 119.85 against a dollar.

Stocks in Review

Japan Display Inc climbed 3.3% to 506 yen after the mobile displays maker reported net sales in the year ending in March surged 25.2% to 769.30 billion yen from 614.57 billion yen in a year ago period.

Net in the year swung to a loss of 12.27 billion yen compared to profit of 33.92 billion yen and diluted loss per share swung to a 20.42 yen from diluted earnings per share of 133.19 yen in the same period a year ago.

For the fiscal first-quarter, Japan Display forecasted net sales to soar 91.7% to 240 billion yen from 125.16 billion yen in the same period a year ago.

Konica Minolta Inc gained 1.3% to 1,355 yen after the electronic products maker said net sales in the year ending in March climbed 7.2% to 1.01 trillion yen from 943.76 billion yen in a year ago period.

Net income in the year surged 49.6% to 32.71 billion yen compared to 21.86 billion yen and diluted earnings per share increased to 64.55 yen from 41.28 yen in the same period a year ago.

The electronics maker estimated net sales for the year ending in March 2016 jump 10% to 1.10 trillion yen and net income of about 50 billion yen.

Mitsui Fudosan Co., Ltd jumped 2.1% to 3,595 yen after the real estate developer stated net revenues in the year ending in March rose 0.9% to 1.53 trillion yen from 1.52 trillion yen in a year ago period.

Net income in the year soared 30.4% to 100.18 billion yen compared to 76.84 billion yen and diluted earnings per share climbed to 103.81 yen from 87.44 yen in the same period a year ago.

Mitsui Fudosan forecasted revenues for the year ending in March 2016 jump 5.3% to 1.61 trillion yen and profit to surge 6.8% to 107 billion yen.

Nissan Motor Co Ltd fell 0.9% to 1,246.50 yen after the automaker reported net revenues in the year ending in March climbed 8.5% to 11.38 trillion yen from 10.48 trillion yen in a year ago period.

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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