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Market Update

Nikkei in 3-Day Advance of 6.9%, Worrisome Slide in Yen Continues

Author: Hiruki Nakamura
Last Update: 11:13 AM ET April 05 2013

5:30 PM Tokyo Stocks in Tokyo extended gains for the third day in a row and the benchmark Nikkei soared 6.9%, the most in two years. Real estate and banks led the gainers. The yen, third worst performing currency in the world, extended losses to 18% in the year so far.

Stocks in Tokyo extended rally for the third day in a row as investors pile in stocks after central bank announced offered bold experiment in doubling monetary base.

The benchmark Nikkei extended 3-day gain to 6.9%, the largest increase in two years and the yen accelerated the decline for the third day in a row.

The yen dropped as much 0.9% to 97.19 against one dollar and rebounded to close at 96.57.

The Japanese bond market show a dramatic shift in the yield curve in the last two months and the 30-year yield declined 1.5 basis points to 1.21% and 20-year yield was unchanged at 1.135%.

The yield on 10-year bond rose 10 basis points to 0.535% and rebounded from the low of 0.315%.

The Nikkei 225 Stock Average jumped 199.10 or 1.6% to 12,833.64 and the broader Topix Index advanced 28.48 or 2.7% to 1,066.24.

For the week Nikkei 225 climbed 3.5%.

Real estate and banking stocks led the advance for the third day in a row in the hopes that rising inflation will create demand for more loans and investors will shift to more hard assets.

However, life insurance companies took a hit on the falling yields on government bonds.

Mitsubishi UFJ Financial Group soared 5%, and Sumitomo Mitsui Financial gained 4.8%.

Mitsui Fudosan soared 13% and Mitsubishi Estate Co advanced 11%.

Stocks in Review

Toyota Motor Corp jumped 165 yen to 5,090 yen and Honda Motor Co. rose 25 yen to 3,670 yen and Nissan Motor Co Ltd soared 56 yen or 6.1% to 968 yen. Yamaha Motor Co Ltd gained 29 yen to 1,244 yen. Mitsubishi Motors Corp rose 2 yen to 101 yen.

Nippon Steel slid 2 yen to 222 yen and JFE Holdings Inc added 20 yen to 1,753 yen.

Sony rose 7 yen to 1,580. Canon Inc gained 50 yen to 3,290 yen and Nikon fell 18 yen to 2,130 yen. TDK Corp dropped 100 yen to 3,100 yen. NEC slid 6 yen to 248 yen.

Nintendo Co. Ltd increased 230 yen to 10,290 yen.

Fanuc Corp. rose 30 yen to 14,610 yen and Komatsu Ltd soared 114 yen or 5.5% to 2,201 yen. Hitachi Construction Machinery Co surged 99 yen or 5% to 2,070 yen.

Softbank Corp increased 130 yen to 4,650 yen.

FamilyMart Co Ltd, the convenience chain operator climbed 150 yen to 4,510 yen and Lawson jumped 240 yen to 7,490 yen. Ito En Ltd gained 48 yen to 2,310 yen.

Seven & I soared after the company said a weaker yen and renovated stores will lift profit in the current financial year.

Seven & I Holdings Co surged 310 yen or 10% to 3,400 yen. Fast Retailing Co. declined 750 yen to 34,900 yen and J. Front Retailing Co. Ltd soared 56 yen or 7.6% to 789 yen.

Mitsubishi UFJ Financial Group climbed 29 yen or 5% to 607 yen and Sumitomo Mitsui Financial Group jumped 190 yen or 4.8% to 4,150 yen. Dai-Ichi Life plunged 6.4% to 110,500 yen. Nomura Holdings, Inc gained 23 yen or 3.9% to 602 yen.

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