4:30 PM Tokyo – Stocks in Tokyo gained and the yen edged lower on the first day of trading in September. Better than expected reading on manufacturing in China also lifted capital goods companies in Tokyo. Consumer lending companies gained on the expectations of higher borrowings.
Stocks in Tokyo jumped after the yen declined 0.8% and better than expected Chinese manufacturing data also contributed to the advance.
The Nikkei 225 Stock Average jumped 184.06 or 1.4% to 13,572.92 and the Topix advanced 11.73 to 1,117.78.
The yen edged lower to 98.63 in lackluster trading after imminent prospects of a military strike in Syria receded and UK parliament voted against joint strike with the U.S. and President Barack Obama sought approval from the U.S. Congress.
China reported its index of manufacturing activities showed an expansion in August and rose to a 16-month high. The government survey has a higher weighting to larger state owned companies.
The Purchasing Managers’ Index increased to 51, the National Bureau of Statistics and China Federation of Logistics and Purchasing said yesterday in Beijing.
In a separate private survey, HSBC Holdings Plc and Markit Economics estimated its index of manufacturing activities was revised to an increase of 50.1 in the month from 47.7 in July. The private survey tracks more private and smaller companies.
Stocks in Review
Toyota Motor Corp rose 60 yen to 6,000 yen and Honda Motor Co. gained 25 yen to 3,570 yen. Nissan Motor Co Ltd added 4 yen to 981 yen.
Sony increased 8 yen to 1,980 yen.
Softbank Corp climbed 100 yen to 6,300 yen and Fast Retailing Co. jumped 900 yen to 31,800 yen.
Akebono Brake Industry Co., Ltd
slipped 1.2% to 418 yen after the automotive and railway brakes maker plans to invest 10 billion yen in the next two years to expand in North America.
The company lifted net income outlook for fiscal 2014 to 2.5 billion yen.
Otsuka Holdings Co., Ltd
dropped 2.4% to 2,973 yen after the Citigroup Inc. lowered its outlook of the pharmaceutical maker.
jumped 2.4% to 885 yen after the vacuum machinery maker is scheduled to launch ''Spica/Antares/Leonis'' this month at a price of 6.8 million yen a unit.
Three largest consumer lending companies gained on the expectations of higher consumer borrowings, according to a report in Nikkei newspaper.
Aiful gained 18% to 963 yen and Acom Co soared 14% to 2,795 yen.