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Market Update

Nikkei in Tokyo Rests, Genky Stores Earnings Surge


Author: Hiruki Nakamura
ticker.com
Last Update: 10:01 AM ET January 22 2015

4:30 PM Tokyo – Japan stocks closed down and the yen declined 0.2% ahead of bond purchase plan announcement from the European Central Bank. Softbank Corp rose following a surge in its U.S. unit Sprint Corp.

Stocks in Tokyo declined a day after Bank of Japan estimated higher growth, lag in reaching its inflation target and reaffirmed its bond purchase program.

Central bank in Canada also lowered its interest rate unexpectedly and Bank of England passed unanimously to keep rates on hold.

Central banks Japan, U.S. and Europe are looking for ways to revive inflation and accelerate economic growth by supporting policies that revive aggregate demand and also weaken their currencies.

China has been trimming lending growth to cut down wasteful economic growth and India took advantage of dramatic plunge in oil price to lower interest rate for the first time after two years as elevated inflation over 6% turn lower.

The Nikkei 225 Stock Average gained 48.54 or 0.3% to 17,329.02 and the broader Topix index slid 1.18 to 1,389.43.

The yen declined 0.2% to close at 118.19 against one dollar after rising as much as 0.7% in yesterday’s trading.

Stocks in Review

Genky Stores, Inc jumped 2.9% to 7,780 yen after the drugstore retailer reported net sales in the first-half ending on December 20 climbed 10.2% to 30.96 billion yen from 28.10 billion yen a year ago period.

Net income in the period surged 123.4% to 839 million yen compared to 375 million yen and diluted earnings per share jumped to 238.89 yen from 107.72 yen in the same period a year ago.

Hankyu REIT, Inc dropped 2.2% to 160,600 yen after the real estate developer said net revenues in the first-half ending in November increased 7.3% to 4.79 billion yen from 4.46 billion yen a year ago period.

Net income in the period climbed 15.6% to 1.52 billion yen compared to 1.31 billion yen and earnings per share advanced to 2,542 yen from 2,492 yen in the same period a year ago.

Mitsui Fudosan Co Ltd fell 0.6% to 3,091.50 yen and the real estate developer’s U.S.-based subsidiary plans to build 51-story office tower at Hudson Yards in Manhattan with an expected cost of 150 billion yen and will be ready in 2017.

Mitsubishi UFJ Financial Group Inc slipped 0.9% to 614.70 yen after the financial service provider is in talk with Germany-based shipping and aviation lender DVB Bank SE to acquire a minority stake with an option to buy remaining stake in the company later.

Sotftbank Corp 2.8% to 7,056 yen after its U.S. based subsidiary Sprint Corp rose 5% on a report by The Information suggested that Google is in network sharing talks with the company and T-Mobile U.S. to sell wireless services directly to consumers.

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