4:30 PM Tokyo – Nikkei in Tokyo edged lower for the second day in a row and the yen traded above the 12-year low as investors booked profits. Traders and investors are looking for more corporations to increase profit sharing and higher dividend pay outs.
Nikkei in Tokyo trading edged down for the second day after the longest rally in more than three decades ended on Monday.
The yen rebounded from the 12-year low and investors remained optimistic about corporate profits in Japan on weakening yen and rising confidence in the domestic economy.
Honda, Komatsu, Toyota and other exporters led the gainers in the 12-day long market index rally.
The Nikkei 225 Stock Average fell 26.68 to 20,543.19 and the broader Topix index slid 4.35 to 1,674.21.
The yen closed at 124.50 against a dollar.
Stocks in Review
Daiichi Sankyo Company, Limited
gained 0.2% to 2,380 yen after the Nikkei daily said pharmaceuticals company is targeting an operating profit for the year of about 100 billion yen every fiscal year till 2018.
Iida Group Holdings Co Ltd
6.3% to 1,906 yen on media report the real estate developer plans to offer 30 billion yen of convertible bonds to foreign investors at a premium of 25% to 35%.
Konica Minolta Inc
fell 0.1% to 1,568 yen after the diversified company said it had bought back 10 million shares worth about 10 billion yen between May 14 and August 31.
Separately, the company said the U.S.-based subsidiary yesterday agreed to acquire Vermont-based SymQuest Group.
LIXIL Group Corp
soared 4.5% to 2,534 yen after the Nikkei news said building material provider lowered its full-year forecast after its China-based German-listed unit Joyou AG is facing loss of 33.2 billion yen and commenced insolvency proceedings.
Earlier, Lixil said loss for the year would be of about 41 billion yen.
Lixil forecasted sales for the year of about 1.67 trillion yen and operating profit of 51.5 billion yen while net income of about 22 billion yen.
Today the company said financial results for the fiscal 2015 and amendments to the financial results of fiscal 2014 will be announced on June 8.
Senshu Electric Co., Ltd
rose 0.1% to 1,930 yen after the wires and cables retailer said net sales in the second-quarter ending in April jumped 2.7% to 39.12 billion yen form 38.11 billion yen in a year ago period.
Net income in the quarter climbed 8.4% to 841 million yen compared to 775 million yen and earnings per share increased to 80.32 yen from 74.06 yen in the same period a year ago.