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Market Update

Nikkei Gains 1.9% on Weak Yen Campaign Gathers Momentum

Author: Hiruki Nakamura
Last Update: 9:44 AM ET February 12 2013

5:00 PM Tokyo Stocks in Tokyo closed higher and the yen resumed its slide as politicians and policymakers step up the drive to weaken the yen further. Automakers and electronics exporters were in focus. Isuzu and Nissan held annual outlook.

Stocks in Tokyo recovered after a day after holiday as the yen continued its drift towards lower level and politicians and policymakers step up the campaign to weaken the currency more.

Market indexes soared after comments from Economy Minister Akira Amari published by Kyodo News suggested government will continue its efforts to weaken the yen and drive the Nikkei 225 to 13,000 by the end of March.

The Nikkei 225 Stock Average climbed 215.96 or 1.9% to 11,369.12 and the broader Topix Index increased 11.15 or 1.2% to 968.50.

Trading on the main board declined to more than 4 billion shares but trading was still hectic in the second half of the session.

North Korea launched its third nuclear test today that raised political tensions in Asia. However, markets were calm after the mid-day test.

The yen edged lower to 94.46 against one dollar as the campaign to drive the yen lower picked up steam.

Haruhiko Kuroda, one of the candidates for the position of governor of Bank of Japan said lower yen in conjunction with economic stimulus could drive the nation to a multi-year growth.

Stocks in Review

Automakers and electronics exporters were in focus after the yen dipped to a 3-year low. Nissan Motor Co declined 4% after it did not increase its annual profit outlook. Isuzu Motors dropped 7% after it left its annual outlook unchanged. Toyota Motor gained 3% and crossed 5,000 yen level for the first time in five years and six months.

Yamada Denki gained 15 yen to 3,640 yen and Japan Airlines Co jumped 155 yen to 4,545 yen. GS Yuasa slid 1 yen to 329 yen, IHI increased 5 yen to 251 yen and Fuji Heavy Industries slipped 5 yen to 1,324 yen. All Nippon Airways down 1 yen 192 yen.

Toyota Motor Corp. climbed 25 yen to 4,920 yen and Honda Motor Co. added 15 yen to 3,545 yen and Nissan Motor Co Ltd dropped 37 yen to 950 yen. Mazda Motor Corp declined 15 yen or 4.9% to 291 yen.

Nippon Steel added 2 yen to 273 yen and JFE Holdings Inc gained 43 yen to 2,162 yen.

Fujitsu Ltd slumped 10 yen to 424 yen and Sony rose 16 yen to 1,381. Canon Inc climbed 70 yen to 3,305 yen and Nikon increased 11 yen to 2,088 yen. TDK Corp gained 20 yen to 3,230 yen.

Shimano Inc jumped 70 yen to 6,190 yen.

Nintendo Co. Ltd slipped 30 yen to 8,680 yen and Pioneer Corp. decreased 7 yen to 225 yen.

Fanuc Corp. advanced 80 yen to 14,830 yen and Komatsu Ltd added 21 yen to 2,415 yen. Hitachi Construction Machinery Co gained 27 yen to 2,166 yen.

Asahi Glass added 10 yen to 627 yen. Softbank Corp climbed 160 yen or 4.7% to 3,545 yen.

FamilyMart Co Ltd, the convenience chain operator rose 20 yen to 3,765 yen and Lawson increased 70 yen to 6,870 yen. Ito En Ltd gained 12 yen to 1,775 yen.

Seven & I Holdings Co advanced 53 yen to 2,806 yen. Fast Retailing Co. jumped 790 yen to 24,860 yen and J. Front Retailing Co. Ltd surged 26 yen or 5.1% to 535 yen.

Mitsubishi UFJ Financial Group rose 12 yen to 543 yen and Sumitomo Mitsui Financial Group climbed 130 yen to 3,875 yen. Dai-Ichi Life added 1.2% to 130,700 yen. Nomura Holdings, Inc soared 29 yen or 5.5% to 558 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