5:30 PM Tokyo – Stocks in Tokyo closed higher in volatile trading as banks and real estate developers plunge more than 20% in last two weeks. Market indexes in Tokyo are still up 30%, the best among developed markets but investors are increasingly cautious about future direction of Japanese markets. The yen rose above 100.
Stocks in Tokyo closed higher but in volatile trading indexes bounced in a wide range of 4.5%.
Market indexes have surged more than 80% in the last six months of trading and have fallen more than 15% in the last two weeks.
Nikkei and Topix closed higher today but many stocks are trading in a bear market phase with banks and brokerage stocks down more than 20% since May 22 peak and real estate developers have lost more than 25% in the period.
The Nikkei 225 Stock Average increased 2.1% to 13,533.76 and Topix index gained 2.6% to 1,125.47.
The yen rebounded from the low of 98.89 to close at 100.29 against one dollar in today’s trading.
Stocks in Review
Daiwa Securities Group gained 12% to close at 855 yen a day after plunging more than 11%.
Nomura Holdings, Inc increased 7.6% to 778 yen and Dai-ichi Life Insurance Co Ltd gained 2.9% to 138,800.
Mitsubishi UFJ Financial Group Inc soared 7.5% to close at 605 yen and Mizuho Financial Group, Inc surged 9% to 200 yen.
Toyota Motor Corp increased 2% to close at 5,930 yen, Nissan Motor Co. Ltd added 2.7% to 1,099 yen and Honda Motor Co Ltd edged up 0.8% to 3,765.