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Market Update

Nikkei in Holding Pattern; Tokyu REIT, Shoei Food and Takashimaya in Focus

Author: Hiruki Nakamura
Last Update: 9:05 AM ET March 16 2015

4:30 PM Tokyo Market indexes in Tokyo declined and the yen weakened ahead of the U.S. rate decision this week. The yen dropped to a new six-year low after the euro extended nine-month losses to 40%.

Stocks in Tokyo closed nearly unchanged ahead of the rate decision in the U.S. and the yen weakened again after the euro fell and extended losses to 40% in the last nine months.

The Nikkei 225 Stock Average slid 8.19 to 19,246.06 and the broader Topix index edged down 2.12 to 1,558.21.

The yen eased and extended losses to 121.25 against a dollar.

Stocks in Review

J. Front Retailing Co Ltd rose 0.2% to 1,778 yen after the clothing, housewares and food products retailer reported total sales in February climbed 5.4% and for the first-half sales increased 0.7%.

Sales from the department stores business gained 1.6% and sales from Parco segment soared 9.1% while sales from wholesales business declined 10.7%.

Mitsubishi Corporation slipped 0.8% to 2,432 yen after the Nikkei news reported that the trading house signed an agreement with Turkmenhimiya Chemical Co and Turkmengaz Gas Co to construct two large chemical plants in Turkmenistan.

The project will be in cooperation with Turkish conglomerate Calik Holding with an estimated cost of about 500 billion yen or $4.08 billion.

Shoei Foods Corporation increased 1.5% to 1,011 yen after the dairy products maker stated net sales in the first-quarter ending in January climbed 8.4% to 27.61 billion yen from 25.46 billion yen a year ago period.

Net income in the quarter surged 62% to 952 million yen compared to 587 million yen and earnings per share jumped to 48.96 yen from 30.22 yen in the same period a year ago.

Takashimaya Company, Limited gained 0.9% to 1,157 yen after the department store operator said sales in February jumped 1.4% and sales at four regional stores in Okayama, Gifu, Yonago and Takasaki increased 0.9%.

Sales in the Western region surged 12.1% and in the Eastern advanced 4.1%. The department store operator added total sales in the month climbed 7.2%.

Corporate segment sales surged 20.6% while sales from the cross-media business segment dropped 2.8%.

Tokyu REIT, Inc advanced 1.5% to 151,900 yen after the reported real estate developer reported revenues in the first-half ending in January jumped 3.3% to 7.54 billion yen from 7.30 billion yen a year ago period.

Net income in the quarter climbed 8.1% to 2.66 billion yen compared to 2.46 billion yen and earnings per share increased to 2,721 yen from 2,517 yen in the same period a year ago.

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