4:30 PM Tokyo – Stocks in Japan rebounded after dropping the most in fifteen months and then yen held near 119 to a dollar. Foreign investors are increasingly looking to sell Japanese stocks and Prime Minister Shinzo Abe struggles with structural reforms.
Stocks in Tokyo closed higher following the largest one day loss in more than nine months but talks of more decline dominated news flow.
Foreign investors, responsible for more than 50% of daily trading volume, are increasingly looking for additional market moving catalysts.
Impatient investors are looking at other financial markets as Prime Minister Shinzo Abe prepares for the difficult so called “third arrow” after monetary and fiscal stimulus. Japan needs structural reforms in labor markets, lift aggregate demand and increase domestic capital spending to lift productivity.
The Nikkei 225 Stock Average edged up 2.14 to 16,885.33 and the broader Topix index slid 1.34 to 1,359.80.
The yen strengthened to 119.18 against one dollar.
Stocks in Review
Ryohin Keikaku Co Ltd
plunged 9% to 13,430 yen after the “MUJI” brand goods retailer reported revenues in the third-quarter ending in November climbed 15.02% to 66.92 billion yen from 58.18 billion yen a year ago period.
Net income in the quarter surged 24.4% to 5.55 billion yen compared to 4.46 billion yen and earnings per share advanced to 471.12 yen from 309.39 yen in the same period a year ago.
Star Micronics Co., Ltd
slid 0.3% to 1,509 yen after the machinery product maker said total sales in the third-quarter ending in November soared 26.1% to 13.30 billion yen from 10.55 billion yen a year ago period.
Net income in the quarter surged 144.3% to 1.39 billion yen compared to 569 million yen and earnings per share advanced to 471.12 yen from 309.39 yen in the same period a year ago.
Yondoshi Holdings Inc
fell 0.2% to 1,870 yen after the apparel and accessory maker reported net sales in the third-quarter ending in November jumped 4.2% to 35.91 billion yen from 35.46 billion yen a year ago period.
Net income in the quarter soared 14.2% to 2.29 billion yen compared to 2 billion yen and diluted earnings per share increased to 84.24 yen from 73.23 yen in the same period a year ago.