4:30 PM Tokyo – Nikkei average increased and extended 4-day rally on the strength in the yen. Pharmaceutical, food and chemical sector stocks led the gainers. Bank of Japan said the domestic economy expected to recover moderately.
The Bank of Japan said in its monthly report that the economy is expected to recover moderately and affirmed that for the time being exports and industrial production growth are expected to remain nearly flat but are expected to increase in the near future.
In corporate news, Lawson, the convenience store retailer plans to enter into banking business and Sharp, the troubled maker of electronics plans to close its remaining overseas television units.
The Nikkei 225 Stock Average rose 20 to 19,879.81 and the broader Topix index added 2.80 to 1,603.18.
For the week, Nikkei 225 increased 1.4%.
The yen weakened to 123.14 against a dollar.
Stocks in Review
advanced 2.2% to 1,823 yen after the cosmetics and nutritional supplements maker said total sales in October jumped 16.1% to 7.47 billion yen from 6.43 billion yen in the same period a year ago.
Sales in cosmetics segment soared 14.7% to 4.45 billion yen and sales in nutritional supplements business surged 23.9% to 2.42 billion yen.
gained 0.6% to 9,580 yen after the convenience stores operator is in talk with the Bank of Tokyo-Mitsubishi UFJ and plans to enter into banking business, using the network of more than 12,000 stores throughout the country.
Park24 Co Ltd
increased 1.4% to 2,520 yen after the Nikkei daily said parking services provider’s sales for the year ending in October to jump 6% to 190 billion yen and operating profit to soar 10% to 20 billion yen.
gained 4.8% to 132 yen after the electronic equipment maker plans to close its remaining overseas television units but expects its television operations will turn profitable by next year.