4:30 PM Tokyo – Stocks in Tokyo closed down after the yen weakened and investors worried of gathering storms in the euro zone. Greece stood firm on its plan to roll back austerity as agreed by the previous government with the international lenders and Ukraine crisis deepens.
Stocks in Tokyo closed down after the yen weakened and Greece reaffirmed its commitment to rolling back austerity measures.
Market sentiment was weak at the opening and investors looked at the yen trading after Greece’s Prime Minster Alexis Tsipras on Sunday stood firm on his pledge to increase minimum wage and government employee’s salaries and also raise minimum threshold for income tax.
The Greek leader’s commitment to increase wages and lower tax threshold is in direct violation of conditions set during the international bailout of 240 billion euros.
The Nikkei 225 Stock Average gained 63.43 or 0.4% to 17,711.93 and the broader Topix index rose 7.73 to 1,424.92.
Current account surplus in the year narrowed 18.8% to 2.63 trillion yen from 3.23 trillion yen a year ago, according to preliminary report released by finance ministry.
Exports in the year jumped 9.3% to 74.12 trillion yen and imports climbed 10.3% to 84.49 trillion yen from a year ago period.
The trade balance reflected a deficit of 395.6 billion yen followed by 636.8 billion yen deficit in the previous month.
In December, current account surplus narrowed to 187.2 billion yen compared to 433 billion yen surplus in November.
Exports in the month surged 19.3% to 7.1 trillion yen accelerating from 10.8% gain a month earlier and imports climbed 6.7% to 7.50 trillion yen after increasing 2.2% in November.
The Bank of Japan reported bank lending in January was up 2.5% on year and total outstanding loans stood at 487.17 trillion yen.
The growth in loans outstanding decreased from 2.6% gain in December.
The yen eased to 118.95 against one dollar.
Stocks in Review
Nissan Motor Co Ltd
increased 1.4% to 1,064 yen after the second-largest automaker said net sales in the nine-month period ending in December soared 11.1% to 8.09 trillion yen from 7.28 trillion yen a year ago period.
Net income in the year surged 23.6% to 338.81 billion yen compared to 274.10 billion yen and diluted earnings per share jumped to 80.82 yen from 65.39 yen in the same period a year ago.
The company said sales in China in the nine-month period climbed 5.2% to 879,000 units while for the year sales edged up 0.5% to 1.22 million units amid signs of slowing Chinese growth.
Nissan revised upwards its full-year revenues forecast to climb 6.4% to 11.15 trillion yen and net income to jump 8% to 420 billion yen and earnings per share to be about of 100.19 yen.
gained 1.4% to 698 yen after the diversified conglomerate said total revenues in the nine-month period ending in December climbed 7.9% to 10.56 trillion yen from 9.78 trillion yen a year ago period.
Net income in the period plunged 22% to 234.06 billion yen compared to 300.05 billion yen and diluted earnings per share plummeted to 44.42 yen from 92.28 yen in the same period a year ago.
The company forecasted revenues for the year to jump 4.9% to 14.30 trillion yen but net income to tumble 47.9% to 110 billion yen and earnings per share to be about 63.39 yen.