4:30 PM Tokyo – The Nikkei average remained flat ahead of rate decisions in the euro zone and the U.S. Fast Retailing, the operator of Uniqlo apparel said sales in November declined 8.9%. Mitsubishi Heavy Industries forecasts operating profit growth of 150% for its aviation and transport systems business.
In Tokyo trading, Nikkei 225 average closed flat as investor took a conservative approach amid declining oil prices and tuned cautious ahead of rate decision in the euro zone and the U.S.
The prospect for higher U.S. interest rates after the Federal Reserve December meeting is making the U.S. market more attractive for international investors and is driving money away from Asia.
Europe is also on the radar ahead of the European Central Bank meeting today that will decide on additional monetary stimulus. The central bank is expected to further reduce deposit rate and extend its asset-buying program.
In Tokyo trading, Fast Retailing, the operator of Uniqlo apparel chain, weighed on the market after reporting disappointing November sales.
On the other hand, Mitsubishi Heavy Industries lifted its profit forecast and expects operating profit growth of 150% for its aviation and transport systems business.
Nichi-iko Pharmaceutical sold its 12.6% stake in Korea-based rival Binex Co., Ltd for about 6.20 billion yen.
The Nikkei 225 Stock Average edged up 1.77 to 19,939.90 and the broader Topix index added 0.68 to 1,602.94.
The yen weakened to 123.43 against a dollar.
Stocks in Review
Fast Retailing Co Ltd
slipped 1.6% to 48,210 yen after the operator of the Uniqlo apparel chain said same-store sales in November declined 8.9%.
Total sales, including online retail, plunged 8.1% for the month as the unusually hot weather resulted in sluggish sales of winter clothes.
Mitsubishi Heavy Industries Ltd
edged up 0.03% to 644.90 yen after the manufacturer upgraded its forecasted operating profit of the commercial aviation and transport systems business.
Operating profit for the division is expected at 60 billion yen for the year ending in March, up 150% from the previous year, and higher than previous estimates of 45 billion yen.
Nichi-iko Pharmaceutical Co. Ltd
fell 0.3% to 3,190 yen after the generic drugs maker completed the sale of its 12.6% stake in the Korea-based rival Binex Co. for about 6.20 billion yen.
Nissin Foods Holdings Co. Ltd
gained 0.8% to 6,450 yen after the instant food maker repurchased 2.2 million of its own common shares worth about 14 billion yen.