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Market Update

Nikkei at New 4-Year High

Author: Hiruki Nakamura
Last Update: 12:57 PM ET March 06 2013

5:00 PM Tokyo Tokyo stocks surged following the market advance in New York. The Nikkei soared to a new 4-year high and the yen eased as the central bank starts its last meeting under the present Governor Shirakawa.

Stocks in Tokyo closed higher and the benchmark index closed at a new 4-1/2 high tracking the surge in stocks in New York trading.

The Nikkei 225 Stock Average climbed 28.82 or 2.1% to 11,932.27 and the broader Topix Index advanced 14.60 or 1.5% to 1,003.22.

The yen resumed its slide against the dollar and eased to 93.57.

The Bank of Japan started its 2-day meeting today and is scheduled to meet again on April 3 with the new Governor Haruhiko Kuroda who is expected to be confirmed by the parliament before the end of next week.

Stocks in Review

Sharp soared 14% to 341 yen and after the close the electronics maker confirmed that it plans to sell 10.4 billion shares to Samsung.

Toyota Motor Corp climbed 95 yen to 4,830 yen and Honda Motor Co. jumped 70 yen to 3,545 yen and Nissan Motor Co Ltd added 4 yen to 947 yen. Yamaha Motor Co Ltd advanced 35 yen to 1,150 yen.

Nippon Steel closed unchanged at 247 yen and JFE Holdings Inc increased 17 yen to 1,904 yen.

Sony gained 37 yen to 1,462. Canon Inc jumped 25 yen to 3,370 yen and Nikon added 20 yen to 2,044 yen. TDK Corp rose 5 yen to 3,195 yen.

Nintendo Co. Ltd slipped 70 yen to 9,180 yen. Dainippon Screen Manufacturing Co surged 38 yen or 8.8% to 469 yen.

Fanuc Corp. fell 20 yen to 13,980 yen and Komatsu Ltd rose 15 yen to 2,275 yen. Hitachi Construction Machinery Co gained 18 yen to 2,051 yen.

Softbank Corp soared 240 yen or 6.9% to 3,740 yen.

FamilyMart Co Ltd, the convenience chain operator increased 35 cents to 3,950 yen and Lawson rose 40 yen to 6,910 yen. Ito En Ltd slid 2 yen to 1,970 yen.

Seven & I Holdings Co surged 157 yen or 5.6% to 2,956 yen. Fast Retailing Co. soared 2,170 yen or 8.1% to 28,940 yen and J. Front Retailing Co. Ltd climbed 30 yen or 5.2% to 607 yen.

Fast Retailing and the crane maker Tadano Ltd were among the companies recommended by brokers.

Mitsubishi UFJ Financial Group up 8 yen to 535 yen and Sumitomo Mitsui Financial Group gained 35 yen to 3,850 yen. Dai-Ichi Life added 0.9% to 125,400 yen. Nomura Holdings, Inc increased 8 yen to 562 yen.

Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc