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Market Update

Indexes in Japan and Asia Soar, Japan Lowered GDP Growth Estimate

Author: Hiruki Nakamura
Last Update: 12:11 PM ET December 09 2013

4:30 PM Tokyo Stocks in Japan and Asia gained. Nikkei Stock Average in Tokyo soared 2.3% and the yen dropped below 103 level against one dollar. Japan lowered its third quarter economic growth estimate to 1.1% from the previous estimate of 1.9%.

Stocks in Tokyo surged and the yen declined and Japanese gross domestic product increased was lowered in the third quarter.

The Japanese government today lowered its third-quarter economic growth to 1.1% from the previous estimate of 1.9% in November.

Ministry of Finance said current account deficit in October unexpectedly swung to 127.9 billion yen deficit compared to 420.8 billion yen surplus a year earlier.

The Nikkei 225 Stock Average climbed 350.35 or 2.3% to 15,650.21 and the Topix increased 19.49 or 1.6% to 1,255.32.

The yen closed at 103.05 against one dollar.

Chinese said trade surplus in November increased to $33.8 billion, the General Administration of Customs reported on Sunday.

Exports increased 12.7% from a year ago month and imported gained 5.3%.

Stocks in Review

Toyota Motor Corp jumped 80 yen to 6,300 yen. Honda Motor Co. increased 50 yen to 4,295 yen. Nissan Motor Co Ltd rose 6 yen to 903 yen.

Sony gained 24 yen to 1,862 yen.

Softbank Corp climbed 190 yen to 8,900 yen. Fast Retailing Co. soared 1,250 yen or 3.3% to 38,700 yen.

Daiho Corporation plunged 10.9% to 320 yen after the construction company plans to issue 7 million shares and sell 3 million treasury shares to raise as much as 3.8 billion yen.

Sumco Corporation dropped 3% to 930 yen after the Japan-based silicon wafers maker lifted operating profit forecast for the fiscal year to 17 billion yen from earlier estimated of 15 billion yen.

Daiichi Sankyo Company, Limited jumped 2.1% to 1,867 yen and the Japan-based pharmaceutical company said it plans to block sale of its anti-aging skincare products and offer refunds to its customers.

JK Holdings Co., Limited declined 7% to 557 yen after the Japan-based plywood and construction material retailer plans to issue 2,300,000 new shares through public offering to rise up to 1.47 billion yen.

The plywood retailer forecasted dividend for the fiscal 2014 to grow 7 yen per share from 5 yen per share.

KDDI Corporation climbed 4.1% to 6,340 yen after the telecommunications company reported net subscriber growth of 190,200 in November and 56,800 customers transferred numbers to the company network.

NTT Docomo Inc gained 2.1% to 1,653 yen and the telecom company said new activations were 93,400 in November compared to 37,100 in October.

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