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Market Update

Exporters and Shippers Lift Indexes in Tokyo

Author: Hiruki Nakamura
Last Update: 11:57 AM ET July 02 2014

4:30 PM Tokyo – Investors in Japan looked to overseas markets and took an optimistic view on the global economy and bid up exporters. Sony and Toyota Motor gained more than 0.7%. Nippon Yusen and Mitsui OSK Limes soared 2% after freight rate index advanced.

Stocks in Tokyo traded higher after investors focused on international economies and surmised the prospect of a global economic recovery.

The yen declined and the broader Topix index extended gains from a five-month high after China reported a modest expansion in manufacturing industry in June.

Purchasing managers’ index reported by China was reported at 51 in June, the strongest monthly expansion this year.

The Nikkei 225 Stock Average gained 43.77 or 0.3% to 15,369.97 and the broader Topix index rose 4.70 to 1,280.78.

The yen edged up to close at 101.59 against one U.S. dollar.

Stocks in Review

AEON Mall Co., Ltd slid 0.4% to 2,678 yen after the shopping center operator reported net sales in the first-quarter ending in February climbed 14.6% to 48.99 billion yen from 42.75 billion yen a year ago period.

Net income in the quarter declined 10.9% to 5.57 billion yen compared to 6.25 billion yen and diluted earnings per share dropped to 24.45 yen from 31.37 yen a year earlier.

ASKUL Corporation jumped 2.6% to 2,907 yen after the office products seller postponed the plan to acquire Shouri Co. ltd after the transfer of its liquor sales business on July 31.

The company did not disclose the transaction price and said Shouri will operate as a subsidiary and the merger will be effective on August 1.

United Arrows Ltd slipped 1.2% to 4,005 yen after the apparels retailer said total sales in June dropped 3.4% and same store sales and online sales declined 5.2% from a year ago month.

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