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Market Update

Monetary Base in Japan Rises 37.4%, Mineba in Focus


Author: Hiruki Nakamura
ticker.com
Last Update: 10:03 AM ET February 03 2015

4:30 PM Tokyo Airlines closed lower in Tokyo after oil price rose to one-month high and the yen gained. Electronics and auto exporters fell after the yen strengthened 0.5%. Mineba Co reported rising sales and net income for nine-month period. Panasonic said it will close its television unit in China.

Stocks reacted to movements in the currency and commodities trading and market indexes closed lower.

Crude oil increased to one-month high and yen gained against the dollar, euro and Australian dollar after Australia unexpectedly lowered its rate by 25 basis points to 2.25%.

On the economic front, the Bank of Japan said the monetary base in January climbed 37.4% to 275.385 trillion yen while adjusted monetary base surged 50.2% to 277.267 trillion yen followed by 38.2% decline in December.

The Nikkei 225 Stock Average declined 222.19 or 1.3% to 17,335.85 and the broader Topix index slumped 16.36 to 1,392.39.

The yen closed at 117.18 against one dollar.

Stocks in Review

Minebea Co Ltd plunged 4.7% to 1,738 yen after the electronic device maker reported net sales in the nine-month period ending in December surged 30.2% to 361.96 billion yen from 277.93 billion yen a year ago period.

Net income in the period soared 114.9% to 43.23 billion yen compared to 20.12 billion yen and diluted earnings per share climbed to 78.70 yen from 40.43 yen per share in the same period a year ago.

Minebea forecasted net sales for the year to climb 31.9% to 490 billion yen and net income to jump 72.4% to 36 billion yen.

The U.S. Federal Bureau of Investigation said Japan-based bearings manufacturer agreed to plead guilty and pay $13.5 million criminal fine for conspiracy to fix prices for small sized ball bearings sold to customers in the United States and elsewhere.

NTT Data Corp gained 1.7% to 4,475 yen after the information technology company said net sales in the nine-month period ending in December soared 13.2% to 1.07 trillion yen from 942.52 billion yen a year ago period.

Net income in the period surged 114.6% to 21.74 billion yen compared to 10.13 billion yen and earnings per share jumped to 77.50 yen from 36.11 yen per share in the same period a year ago.

Nissan Chemical Industries, Ltd declined 4.1% to 2,098 yen after the fertilizer and chemical producer stated net sales in the nine-month period ending in December jumped 3.7% to 117.79 billion yen from 113.56 billion yen a year ago period.

Net income in the period climbed 7.7% to 11.82 billion yen compared to 10.97 billion yen and earnings per share increased to 73.81 yen from 66.99 yen per share in the same period a year ago.

Nissan Chemical forecasted net sales for the year to advance 4.5% to 171 billion yen and rose 6.6% to 17.80 billion yen.

Panasonic Corporation rose 0.4% to 1,357.50 yen after the electronic products maker reported net sales in the nine-month period ending in December rose 0.7% to 5.72 trillion yen from 5.68 trillion yen a year ago period.

Net income in the period plunged 42.2% to 140.42 billion yen compared to 243 billion yen and diluted earnings per share dropped to 60.74 yen from 105.13 yen per share in the same period a year ago.

Sankyo Co., Ltd slipped 1.5% to 4,165 yen after the pinball machinery manufacturer said net sales in the nine-month period ending in December declined 15% to 113.51 billion yen from 133.58 billion yen a year ago period.

Net income in the period tumbled 69.5% to 7 billion yen compared to 22.93 billion yen and diluted earnings per share slumped to 74.78 yen from 245.31 yen per share in the same period a year ago.

The company forecasted net sales for the year to jump 8.5% to 172 billion yen but net income to plummet 36.6% to 14.2 billion yen.

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