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Market Update

Fall in Yen Extends Broader Rally in Japanese Stocks to Second Week

Author: Hiruki Nakamura
Last Update: 9:34 AM ET April 03 2014

4:30 PM Tokyo Investors in Tokyo extended broader rally in stocks to the second week. Electronics makers and auto exporters led the gainers after the yen declined 0.2%, the second weekly decline in a row. Softbank increase investment in a messaging venture with India based Bharti Enterprises.

Broader stocks in Tokyo extended rally to the ninth day in a row and the yen dipped near 104 against the dollar.

Investors in Japan added exposure to stocks after the yen dropped again for the third day in a row and currency traders looked for 106 level against the dollar.

Investors were also positive after Japanese automakers reported a rise in sales in the U.S. and electronics exporters were in demand on the weaker yen.

The Nikkei 225 Stock Average climbed 125.56 or 0.8% to 15,071.88 and the Topix index rose 5.41 to 1,216.77.

The yen gained to 103.96 against the U.S. dollar.

Stocks in Review

Toyota Motor Corp slid 3 yen to 5,840 yen. Honda Motor Co rose 38 yen to 3,700 yen. Nissan Motor Co Ltd added 0.4% to 939 yen.

Sony gained 1 yen to 1,991 yen.

Softbank Corp increased 74 yen to 8,140 yen after the mobile communication service provider and India-based Bharti Enterprises invested additional $14 million in mobile instant messaging application ''hike'' that crossed 15 million users in February.

A joint-venture between Bharti Enterprises and SoftBank Corporation, BSB invested $7 million in April 2013.

Fast Retailing Co jumped 670 yen to 38,400 yen.

Sharp Corporation gained 1.5% to 326 yen after the Nikkei reported the electronics products maker plans to double its China shipments of energy-efficient liquid-crystal displays for smart-phones by the end of the year.

According to the Nikkei, Sharp currently ships between 2 million to 3 million panels per month.

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