5:30 PM Tokyo – Market indexes in Tokyo reversed the course after core machinery orders rose at the fastest pace in eight years in March. Hitachi Ltd gained after the company targeted higher operating margins. Leasing companies gained on the expectations that the government may favor the industry.
Stocks in Tokyo extended gains at close and reversed earlier losses by mid-day.
Market reversed the direction after core machinery orders jumped more than expected 14.2% in March, the sharpest increase in eight years.
The yen edged lower to 102.32 against one dollar and the yen has dropped nearly 20% from 86.67 at the beginning of the year.
The Nikkei 225 Stock Average gained 100.88 or 0.7% to 15,138.12 and the broader Topix Index rose 9.99 to 1,255.22. For the week Nikkei 225 jumped 3.6%.
Stocks in Review
Toyota Motor Corp rose 20 yen to 6,470 yen and Honda Motor Co. up 5 yen to 4,180 yen and Nissan Motor Co Ltd closed unchanged at 1,160 yen.
Sony dropped 36 yen to 2,046. Canon Inc added 5 yen to 3,780 yen and Nikon declined 35 yen to 2,795 yen.
Fanuc Corp. slumped 180 yen to 16,190 yen Softbank Corp slid 10 yen to 5,810 yen.
Seven & I Holdings Co gained 25 yen to 3,945 yen. Fast Retailing Co. jumped 650 yen to 38,900 yen.
Mitsubishi UFJ Financial Group slid 6 yen to 700 yen and Sumitomo Mitsui Financial Group fell 20 yen to 4,750 yen.
Mizuno Corporation surged 78 yen or 18.3% to 505 yen after the sportswear maker estimated net income in the current fiscal year to more than double to 4.2 billion yen.
Resona Holdings, Inc. slid 0.9% to 530 yen after the Japan based financial service provider today signed partnership agreement with Malaysia based Public Bank Berhad.
Hitachi Ltd gained 2% after the company said it plans to expand its workforce in the next three years and has targeted to increase its operating profit margin to above 7% from 4.7%.