4:30 PM Tokyo – Market indexes in Japan rose following a rally in Asian markets after the U.S. policy makers issued a dovish interest rate outlook. Nikkei index gained 1.6% and yen strengthened to 101.78 against one dollar. Tokai Tokyo Financial and Nissan Chemical advanced on earnings reports.
Stocks in Tokyo and in Asia gained after the U.S. Fed lowered its growth outlook and also estimated low interest rate regime to continue at least for the next two years.
Market sentiment was strong and the Nikkei index surged and the yen fell below 102 mark after a policy statement released by the Fed at the end of two-day meeting indicated rates to remain low for a “considerable time.”
Separately, Bank of Japan said as of March 31, financial assets held by households jumped 3.3% to 1.63 quadrillion yen from a year earlier.
The Nikkei 225 Stock Average climbed 245.36 or 1.6% to 15,361.16 and the broader Topix index jumped 19.89 to 1,269.04.
The yen weakened to close at 101.78 against one U.S. dollar and gold gained more than 1% in Asian trading.
Stocks in Review
Monex Group, Inc
increased 0.5% to 389 yen after the online security service provider said revenues in May declined 47.4% to 3.39 billion yen from 6.45 billion yen in the year ago month and slipped 2% to 3.46 billion yen compared to last month.
Nissan Chemical Industries, Ltd
gained 2.5% to 1,554 yen after the chemical manufacturer reported net sales in the year ending in March jumped 6.4% to 163.66 billion yen from 153.81 billion yen a year ago.
Net income in the year soared 20.3% to 16.70 billion yen compared to 13.88 billion yen and earnings per share advanced to 102.11 yen from 83.74 yen a year earlier.
The company forecasted net sales for the first-half in fiscal 2015 of 77 billion yen, a decrease of 0.8% and net income to decline 13.3% or 6.9 billion yen from a year ago.
For the year, net sales is expected to increase 3.3% to 69 billion yen and net income to increase to 16.9 billion yen from a year earlier.
climbed 3.5% to 325 yen after the electronic products maker said it developed a display screen that enhances various applications and games viewing experience.
Tokai Tokyo Financial Holdings Inc
jumped 2.7% to 790 yen after the brokerage services provider said net sales in the year ending in March soared 33.4% to 90.55 billion yen from 67.85 billion yen a year ago period.
Net income in the year surged 106.2% to 23.24 billion yen compared to 11.27 billion yen and diluted earnings per share jumped to 87.21 yen from 42.66 yen a year earlier.