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Market Update

Elevated Nikkei Extends Year-to-date Gain to 30%

Author: Hiruki Nakamura
Last Update: 9:50 AM ET April 11 2013

5:30 PM Tokyo Market indexes in Japan closed at five-year highs and the yen traded near 100 against one dollar. Fast Retailing lifted its profit outlook on weaker yen and retail mall operator Aeon Co also reported better than expected earnings.

Market indexes in Japan extended gains and the yen continued its slide against international currencies. The Bank of Japan is scheduled to meet on April 26.

The yen traded at 99.71 against one dollar and inched towards the 100 yen level last seen in April 2009 and hovered near 130.19 to a euro level.

The Nikkei 225 Stock Average jumped 261.03 or 1.9% to 13,549.16 and the broader Topix Index climbed 26.25 or 2.3% to 1,147.29.

Market indexes have been on the run since the Bank of Japan meeting on April 3 and traders are increasingly looking at the yen testing 110-level against the dollar.

Investors are speculating more monetary steps at the next meeting of the central bank later in the month as the central bank puts in place $1.4 trillion spending program in place.

Real estate developers, banks and securities brokers and insurers were among the leading gainers.

Stocks in Review

Nomura extended gains with 8% jump to 167% in the last four months and Dai-ichi Life Insurance added 5%. Mitsui Fudosan gained 3.4% and Mitsubishi Estate Co advanced 3%.

Toyota Motor, Nissan and Honda recalled worldwide a total of 3 million vehicles to fix a faulty airbag made by Takata.

Toyota Motor Corp soared 310 yen or 5.8% to 5,640 yen and Honda Motor Co. climbed 120 yen to 3,945 yen and Nissan Motor Co Ltd jumped 44 yen or 4.4% to 1,043 yen. Yamaha Motor Co Ltd increased 59 yen or 4.4% to 1,398 yen. Mitsubishi Motors Corp closed unchanged at 104 yen.

Takata, the maker of safety devices such as seatbelts and child seats plunged 9% to 1,819 yen.

Nippon Steel added 6 yen to 257 yen and JFE Holdings Inc rose 19 yen to 1,996 yen.

Sony gained 27 yen to 1,685. Canon Inc soared 150 yen or 4.2% to 3,695 yen and Nikon increased 26 yen to 2,225 yen. TDK Corp fell 30 yen to 3,360 yen. NEC closed unchanged at 260 yen.

Nintendo Co. Ltd slumped 140 yen to 11,740 yen.

Fanuc Corp. jumped 550 yen to 15,800 yen and Komatsu Ltd climbed 126 yen or 5.3% to 2,516 yen. Hitachi Construction Machinery Co gained 25 yen to 2,255 yen.

Softbank Corp climbed 105 yen to 4,765 yen.

FamilyMart Co Ltd, the convenience chain operator plunged 225 yen or 5.1% to 4,180 yen and Lawson declined 400 yen or 5.2% to 7,230 yen. Ito En Ltd rose 38 yen to 2,435 yen.

Seven & I Holdings Co surged 180 yen or 5% to 3,785 yen. Fast Retailing Co. jumped 1,050 yen to 34,550 yen and J. Front Retailing Co. Ltd fell 11 yen to 776 yen.

Fast Retailing reported 13% increase in net income to 65.4 billion yen in the six months period to February on the 11.1 billion yen currency gains.

Fast Retailing also estimated net income in the year ending in August of 91.5 billion yen and operating profit of 147.5 billion yen.

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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