5:00 PM Tokyo – Stocks in Tokyo extended gains and the Nikkei index soared to a new 5-year higher. Economic growth in the final quarter was revised to 0.2% increase from the previous estimate of 0.4% contraction. The yen eased.
Stocks in Tokyo extended gains and the benchmark indexes closed at new highs in nearly five years after the yen eased, economic growth was revised higher and China reported surprising surge in exports.
The Nikkei 225 Stock Average climbed 315.54 or 2.6% to 12,283.62 and the broader Topix Index jumped 16.15 or 1.6% to 1,020.50. For the week, the Nikkei surged 6.3%.
Fast Retailing soared 10% after the apparel retailer reported stronger February sales. The gain in retailer added 114 points increase in the Nikkei index.
The yen resumed its slide against the dollar and eased to 94.12.
Economic growth in the final quarter to December was revised to an increase of 0.2% from the previous estimate of 0.4% contraction, according to the data released by the Cabinet Office.
Separately, investors were also encouraged after China reported a surge in exports of 21.8% in February, lifting hopes of exports growth to the U.S. and the euro zone.
Stocks in Review
Exporters gained on the hopes that the weaker yen will lift profits and improve competitiveness.
Toyota Motor Corp increased 75 yen to 4,910 yen and Honda Motor Co. jumped 95 yen to 3,660 yen and Nissan Motor Co Ltd gained 28 yen to 962 yen. Yamaha Motor Co Ltd advanced 32 yen to 1,186 yen.
Nippon Steel up 2 yen to 247 yen and JFE Holdings Inc climbed 41 yen to 1,927 yen.
Sony rose 13 yen to 1,464. Canon Inc added 20 yen to 3,385 yen and Nikon up 6 yen to 2,050 yen. TDK Corp jumped 55 yen to 3,255 yen.
Nintendo Co. Ltd surged 710 yen or 7.4% to 10,330 yen. Dainippon Screen Manufacturing Co climbed 14 yen to 486 yen.
Fanuc Corp. jumped 340 yen to 14,380 yen and Komatsu Ltd increased 29 yen to 2,235 yen. Hitachi Construction Machinery Co gained 11 yen to 2,064 yen.
Softbank Corp advanced 115 yen to 3,775 yen.
FamilyMart Co Ltd, the convenience chain operator dropped 70 cents to 3,960 yen and Lawson slumped 100 yen to 6,880 yen. Ito En Ltd gained 15 yen to 1,995 yen.
The convenience store operators declined after a report in the Nikkei business daily suggested that the company may fall short of its annual operating profit target of 45 billion yen.
Seven & I Holdings Co increased 18 yen to 2,938 yen. Fast Retailing Co. surged 2,810 yen or 9.8% to 31,500 yen and J. Front Retailing Co. Ltd soared 29 yen or 4.9% to 615 yen.
Mitsubishi UFJ Financial Group rose 8 yen to 535 yen and Sumitomo Mitsui Financial Group jumped 125 yen to 3,880 yen. Dai-Ichi Life up 2.5% to 127,600 yen. Nomura Holdings, Inc added 4 yen to 561 yen.