4:30 PM Sydney – Stocks in Tokyo rebounded after a 3-day holiday weekend and the yen weakened. Japanese companies are expected to report better than earnings on weaker yen. More than 24 companies are scheduled to release earnings this week.
Stocks in Tokyo gained on the first day of trading this week and the yen weakened.
Investors looked to overseas markets and digested weaker than expected Chinese exports data and U.S. politicians are nearing a settlement that will reopen the government and increase debt ceiling till the third week in January.
World investors are increasingly looking at alternatives to the U.S. dollar and commercial real estate in financial centers around the world have become the vehicle for institutional investors.
U.S. political process is now focused on short term solutions and frequent government shutdowns are likely in the next fifteen months till the election in November 2014.
The Nikkei 225 Stock Average rose 36.80 to 14,441.54 and the Topix closed up at 0.30 to 1,197.47.
The yen dropped to 98.43 against one dollar.
Stocks in Review
Toyota Motor Corp slid 20 yen to 6,390 yen Honda Motor Co. rose 5 yen to 3,920 yen. Nissan Motor Co Ltd lowered 8 yen to 1,001 yen.
Sony gained 19 yen to 1,938 yen.
Softbank Corp added 10 yen to 7,240 yen and Fast Retailing Co. climbed 750 yen to 34,200 yen.
Dowa Holdings Co Ltd
plunged 5.9% to 942 yen after the waste management and logistics company lifted its net income forecast for the year to 5.6% increase to 19 billion yen.
Fuji Heavy Industries Ltd
rose 0.7% to 2,815 yen after the diversified conglomerate expects operating profit for the first-half may increase 250% to nearly 150 billion yen on weaker yen. The news was first reported by Nikkei newspaper.
Oji Holdings Corporation
climbed 6.2% to 496 yen after the Nikkei newspaper reported paper maker plans to expand into the electricity-sales business and spend about 30 billion yen by 2015 to generate nearly 1.1 billion kilowatt-hours a year.