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Market Update

Nikkei in Tokyo Extends Weekly Gains

Author: Hiruki Nakamura
Last Update: 4:24 AM ET May 23 2014

4:30 PM Tokyo – Nikkei in Tokyo extended weekly gains and investors focused on domestic earnings. Sony CEO vowed to completed restructuring and focus on new emerging technologies. Senshukai Co said annual net soared on sales increase of 8%.

Market indexes in Tokyo closed higher and extended weekly gains in thin trading. Investors focused on domestic earnings.

The Nikkei 225 Stock Average gained 124.38 or 0.9% to 14,462.17 and the broader Topix index climbed 11.10 to 1,180.44. For the wee, Nikkei 225 jumped 2.6%.

The yen weakened to 101.78 against one U.S. dollar.

Stocks in Review

Toyota Motor Corp jumped 31 yen to 5,557 yen. Honda Motor Co rose 29 yen to 3,502 yen. Nissan Motor Co Ltd added 0.3% to 911 yen.

Sony slid 13 yen to 1,632 yen and Chief Executive Officer Kazuo Hirai reiterated his commitment to complete restructuring and focus on new technologies - image sensors, cloud-based services and wearable devices.

Hirai also confirmed that the company is not planning any more job cuts or sell business divisions in the current year.

Sony intends to triple its operating profit to 400 billion yen and $300 million of costs are targeted to be cut in the entertainment content division by fiscal year ending in March 2016.

Softbank Corp fell 34 yen to 6,970 yen. Fast Retailing Co Ltd jumped 440 yen to 31,990 yen.

Nippon Suisan Kaisha Ltd slipped 0.7% to 275 yen after the marine and food product maker reported net sales in the year ending in March climbed 6.6% to 604.25 billion yen from 566.86 billion yen a year ago period.

Net in the year swung to profit of 3.75 billion yen compared to a loss of 4.79 billion yen and earnings per share swung to 13.59 yen from a loss of 17.34 yen a year earlier.

Senshukai Co., Ltd increased 1% to 857 yen after the mail order sales service provider said net sales in the year ending in March jumped 8% to 37.23 billion yen from 34.47 billion yen a year ago.

Net income in the year surged 176.4% to 546 million yen compared to 197 million yen and earnings per share soared to 12.62 yen from 4.57 yen a year earlier.

Takeda Pharmaceutical Co Ltd gained 1.6% to 4,594 yen after the pharmaceutical products maker said Nevada jury in the U.S. found that the company is not liable for the bladder cancer suffered by two women linked to the company’s Actos diabetes medication.

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