4:30 PM Tokyo – Market indexes in Tokyo advanced for the seventh day in a row and Japan said third-quarter economic contraction was deeper than the earlier estimate. Yen weakened and current account surplus narrowed in October.
Market indexes in Tokyo closed higher despite the government revised its higher its assessment of the third-quarter economic contraction and current account surplus narrowed.
The Cabinet Office revised higher its estimate of third-quarter contraction of 1.9% annual rate from the earlier estimate last month of 1.6%.
The largest than expected downward revision was driven by higher-than-expected decline in consumer spending on the rise in sales tax and weaker-than-expected decline in business investments.
In the second-quarter, Gross Domestic Product tumbled 7.1% from a year ago quarter.
From a year ago, GDP estimate was revised to a contraction of 0.5% falling from the preliminary estimate of the decline of 0.4%.
Revised business spending in the third-quarter fell 0.4% compared to 5.1% drop in the second-quarter.
The Ministry of Finance said current account surplus in October declined to 833.4 billion from 963.0 billion yen surplus in September.
The trade deficit declined to 766.6 billion yen followed by 714.5 billion yen deficit in the previous month.
Exports climbed 11.2% to 6.57 trillion yen from a year ago month while imports jumped 7.4% to 7.33 trillion yen.
The Bank of Japan said overall total bank lending in November increased 2.7% to 481.70 trillion yen from a year ago followed by 2.3% increase in October.
The Nikkei 225 Stock Average rose 15.19 to 17,935.64 and the broader Topix index edged up 1.91 to 1,447.58.
The yen weakened 0.4% to 121.15 against one dollar.
Stocks in Review
Mitsubishi Heavy Industries Ltd
gained 1.7% to 721.30 yen and the diversified conglomerate faced a law suit of 60 billion yen from more than 100 companies in to Tokyo District Court, according to a report in Japan Times.
The companies, including Mitsui O.S.K. Lines Ltd and Tokio Marine & Nichido Fire Insurance, alleged design flaws were responsible for the sinking of cargo ships.
Miraial Co., Ltd
climbed 4.3% to 1,874 yen after the semiconductor products maker reported net sales in the third-quarter ending in October soared 18.9% to 7.15 billion yen from 6.01 billion yen a year ago period.
Net income in the quarter surged 99.6% to 704 million yen compared to 352 million yen and diluted earnings per share jumped to 78.36 yen from 35.53 yen in the same period a year ago.
[Nintendo Co., Ltd
dropped 2.4% to 13,845 yen after the gaming company is expected to report profit of 36 billion yen from a reported loss of 23.2 billion a year ago period on higher sales targets of “Super Smash Bros.” and “Mario Kart 8″ for the year.
According to the company web site, a total 53 games and 23 titles are available in the U.S. market.
declined 3.3% to 2,590 yen and the state-run news agency in North Korea said supporters of the country may have been behind the recent cyber-attack on the company’s film and television unit.