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Market Update

Nikkei Above 11,000, First Time in Nearly 3-Years

Author: Nigel Thomas
Last Update: 10:19 AM ET January 30 2013

5:00 PM Tokyo – The Nikkei index closed above 11,000 for the first time since April 201. Market extended rally to 28% that began in mid-November. Canon after the close reported 26% increase in operating income. Yahoo Japan soared after buy back announcement. Central Japan Railway Corp said net jumped 49%.

Stocks in Tokyo extended rally and the Nikkei index closed at a high not last seen since April 2010 on positive earnings.

The so called “Abe rally” was extended further after investors built up expectations of weaker yen and lifted rate sensitive stocks and real estate securities. Stocks were sharply higher and the Nikkei index has jumped 28% since November 14. Earnings from exporters and banks were in focus.

Yahoo Japan Corp soared 17% after the Internet content company lifted its operating income outlook and said it will buy back 20 billion or 1.4% of its own shares.

The Nikkei 225 Stock Average jumped 247.23 or 2.3% to 11,113.95 and the broader Topix Index climbed 13.91 or 1.5% to 934.67.

The yen edged down to 91.45 against one dollar at close.

Stocks in Review

Softbank Corp gained 3.6% on the speculation that the mobile carrier may report nine-month operating earnings of as much as 590 billion yen or $6.5 billion. In addition, Dish Network Corp decided not to file to block the deal between the company and Sprint Nextel Corp.

GS Yuasa slid 3 yen to 328 yen, IHI added 3 yen to 238 yen and Fuji Heavy Industries climbed 35 yen to 1,215 yen. All Nippon Airways Co rose 1 yen to 180 yen.

Toyota Motor Corp. climbed 40 yen to 4,365 yen despite reporting that global auto sales increased and target 9.91 million units in 2013.

Honda Motor Co. jumped 45 yen to 3,475 yen and Nissan Motor Co Ltd slipped 2 yen to 932 yen. Mazda Motor Corp increased 8 yen to 248 yen.

Nippon Steel gained 4 yen to 241 yen and JFE Holdings Inc jumped 44 yen to 1,859 yen.

Shimano Inc increased 180 yen to 6,100 yen.

Central Japan Railway soared 6% to 8,100 yen after the railroad operator 49% increase in nine-month income.

Sony Corp slid 2 yen to 1,383, Canon Inc climbed 95 yen to 3,385 yen and Nikon up 3 yen to 2,588 yen. TDK Corp increased 35 yen to 3,315 yen.

Nintendo Co. Ltd declined 200 yen to 9,350 yen and Pioneer Corp. rose 3 yen to 230 yen.

After the close, Canon estimated 26% increase in operating profit in the current fiscal year on weaker yen and cost cutting. The increase in profit missed analysts expectations.

Fanuc Corp. jumped 430 yen to 14,360 yen and Komatsu Ltd advanced 52 yen to 2,437 yen. Hitachi Construction Machinery Co climbed 74 yen to 2,030 yen.

Komatsu reversed earlier losses to close up 2% after it lowered its earnings for the current fiscal year but investors bet on higher fourth quarter results on weaker yen.

Softbank Corp increased 110 yen to 3,175 yen. KDDI gained 200 yen to 6,730 yen after the mobile operator increased its operating profit outlook to 505 billion yen and said it will split its stock 2-for-1 on April 1.

FamilyMart Co Ltd, the convenience chain operator slipped 10 yen to 3,660 yen and Lawson increased 10 yen to 6,520 yen. Ito En Ltd rose 30 yen to 1,765 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