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Market Update

Nikkei Extend Gains on Yen Weakness, Sony, Panasonic, Sharp Rise

Author: Hiruki Nakamura
Last Update: 9:07 AM ET February 04 2013

5:00 PM Tokyo Stocks in Tokyo extended gains of the longest rally in last fifty years on the international economic data. The yen weakened more as the government, central and pension fund work in concert to debase the currency.

Stocks in Tokyo extended gains after the Nikkei index rallied for twelve weeks in a row and soared nearly 30% in ten weeks.

The Nikkei 225 Stock Average advanced 69.01 or 0.6% to 11,260.34 and the broader Topix Index increased 13.10 or 1.4% to 955.75.

The yen edged lower to 92.90 against one dollar at close.

The Government Pension Investment Fund plans to make changes in how it allocates its 108 trillion assets. The fund has 69.3 trillion yen in the domestic bonds. Takahiro Mitani, president of the fund said the fund will start talks with the government to decide how to change the allocation of government bonds of 67% from April 1.

Stocks in Review

GS Yuasa gained 4 yen to 330 yen, IHI added 4 yen to 240 yen and Fuji Heavy Industries soared 71 yen or 5.5% to 1,353 yen. All Nippon Airways Co rose 3 yen to 183 yen.

Toyota Motor Corp. jumped 100 yen to 4,595 yen and Honda Motor Co. increased 35 yen to 3,550 yen and Nissan Motor Co Ltd climbed 40 yen or 4.3% to 975 yen. Mazda Motor Corp surged 23 yen or 8.9% to 280 yen.

Nippon Steel climbed 19 yen or 7.5% to 274 yen and JFE Holdings Inc surged 227 yen or 11.1% to 2,272 yen.

Shimano Inc gained 10 yen to 6,180 yen.

Sony Corp jumped 102 yen or 7.5% to 1,457 on the expectations that the soon-to-be-released new PlayStation game console will attract more users.

Canon Inc slid 5 yen to 3,315 yen and Nikon gained 16 yen to 2,593 yen. TDK Corp rose 15 yen to 3,170 yen.

Nintendo Co. Ltd slumped 40 yen to 8,780 yen and Pioneer Corp. soared 27 yen or 12.2% to 249 yen.

Fanuc Corp. increased 160 yen to 14,330 yen and Komatsu Ltd slipped 10 yen to 2,460 yen. Hitachi Construction Machinery Co advanced 41 yen to 2,201 yen.

Softbank Corp gained 10 yen to 3,455 yen.

FamilyMart Co Ltd, the convenience chain operator decreased 20 yen to 3,685 yen and Lawson increased 40 yen to 6,800 yen. Ito En Ltd fell 3 yen to 1,765 yen.

Seven & I Holdings Co dropped 28 yen to 2,814 yen. Fast Retailing Co. climbed 170 yen to 25,020 yen and J. Front Retailing Co. Ltd increased 8 yen to 518 yen.

Mitsubishi UFJ Financial Group up 15 yen to 530 yen and Sumitomo Mitsui Financial Group soared 205 yen or 5.6% to 3,860 yen. Dai-Ichi Life increased 2.4% to 136,600 yen.

Nomura Holdings, Inc increased 11 yen to 523 yen on the worries that the stock has run ahead of its fundamentals.

Takeda Pharmaceutical Co slipped 5 yen to 4,675.

Mitsui O.S.K. Lines, Ltd climbed 12 yen or 4.1% to 308 yen and Nippon Yusen K.K. gained 4 yen to 217 yen.

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