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Market Update

Nikkei Rebounds 0.9%, Yean Eases


Author: Hiruki Nakamura
ticker.com
Last Update: 1:03 PM ET March 18 2014

4:30 PM Tokyo – Market indexes in Tokyo gained 0.9% after the yen eased against the dollar. The Nikkei trimmed the losses in the year so far to 12%, the worst decline among the largest 25 world markets. Sony commenced its worldwide job reduction plan.

Stocks in Tokyo gained and the yen traded near a two-month high as tensions between Russia and NATO nations continued to dominate world headlines.

The Topix index gained 1% from the six-week low and investors surmised the latest sanctions against Russia lacked teeth.

The Nikkei 225 Stock Average increased 133.60 or 0.9% to 14,411.27 and the Topix index gained 11.01 to 1,165.94.

Market indexes in Japan are leading the worst decline among the 25 developed world markets with a year-to-date loss of 12%.

The yen closed at 101.40 against the U.S. dollar.

Stocks in Review

Toyota Motor Corp slid 13 yen to 5,550 yen.

Honda Motor Co fell 35 yen to 3,563 yen after recalling more than 880,000 Odyssey minivans sold in North America.

Nissan Motor Co Ltd jumped 2.2% to 869 yen after UBS raised its opinion on stock to “neutral.”

Sony decreased 8 yen to 1,720 yen after the electronics products maker commenced to trim jobs worldwide and reduce expenses by $250 million.

Softbank Corp climbed 262 yen or 3.2% to 8,372 yen. Fast Retailing Co slipped 90 yen to 35,590 yen.

Mitsubishi Electric Corporation jumped 3% to 1,147 yen after the electrical and electronic equipment maker raised its annual dividend payout.

Obayashi Corp climbed 2.8% to 622 yen after the UBS raised its opinion on stock to “buy” from “neutral.”

The company and Yaskawa Electric Corporation have completed a 1.3 mega watt solar photovoltaic plant for the U.S.-based First Solar Inc. in Fukuoka Prefecture of Japan.

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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