5:00 PM Tokyo – The Nikkei index added 0.5% and capped weekly gain of 2.6% and extended gains for the 12th week in a row. The yen declined to the low last seen in June 2010. Softbank reported third quarter net doubled. NEC soared 9% swung to a quarterly profit.
Stocks extended rally in Tokyo after the yen weakened to a 3-year low and better-than-expected earnings from several companies.
The Nikkei 225 Stock Average climbed 52.68 or 0.5% to 11,191.34 and the broader Topix Index gained 2.40 to 942.65.
The Nikkei index increased 2.4% and advanced for the 12th week in a row. The weekly advance was the longest at least in the last fifty years.
The Nikkei has advanced 29% since mid-November on the hopes that the newly elected Prime Minister Shinzo Abe will be able to revive the economy from deflation and keep the yen near 100 yen to a dollar.
The yen edged up to 92.25 against one dollar at close.
Stocks in Review
Auto exporters closed higher after the yen fell to the lowest level since June 2010.
Toyota Motor Corp. jumped 130 yen to 4,495 yen and Honda Motor Co. gained 10 yen to 3,515 yen and Nissan Motor Co Ltd fell 1 yen to 935 yen. Mazda Motor Corp advanced 11 yen or 4.5% to 257 yen.
Nippon Steel added 2 yen to 255 yen and JFE Holdings Inc soared 96 yen or 4.9% to 2,045 yen.
Shimano Inc slipped 20 yen to 6,170 yen.
Sony Corp slumped 7 yen to 1,355, Canon Inc dropped 45 yen to 3,320 yen and Nikon declined 34 yen to 2,577 yen. TDK Corp plunged 230 yen or 6.8% to 3,155 yen after it lowered its operating earnings outlook.
NEC soared 8.5% to 242 yen after the electronics maker reported a 24.4 billion yen operating profit in the third quarter compared to a loss of 8.2 billion yen loss in the quarter a year ago.
Nintendo Co. Ltd slipped 50 yen to 8,820 yen and Pioneer Corp. down 6 yen to 222 yen.
Fanuc Corp. decreased 80 yen to 14,170 yen and Komatsu Ltd increased 35 yen to 2,470 yen. Hitachi Construction Machinery Co advanced 61 yen to 2,160 yen.
Softbank Corp surged 185 yen or 5.7% to 3,445 yen after it doubled its third quarter profit as the company attracted new customers with Apple smartphones and tablets.
Sharp rose 6% to 329 yen and after the close reported 2.66 billion yen in third quarter operating profit compared to 24.5 billion yen loss in the quarter a year ago.
FamilyMart Co Ltd, the convenience chain operator gained 25 yen to 3,705 yen and Lawson advanced 130 yen to 6,760 yen. Ito En Ltd slid 9 yen to 1,768 yen.
Seven & I Holdings Co jumped 60 yen to 2,742 yen. Fast Retailing Co. climbed 770 yen to 24,850 yen and J. Front Retailing Co. Ltd increased 8 yen to 510 yen.
Mitsubishi UFJ Financial Group slipped 6 yen to 515 yen and Sumitomo Mitsui Financial Group lowered 15 yen to 3,655 yen. Dai-Ichi Life increased 1.8% to 133,400 yen.
Nomura Holdings, Inc slumped 14 yen to 512 yen on the worries that the stock has run ahead of its fundamentals.