5:10 PM Tokyo – Stocks in Japan turned corner as traders and analysts forecasted the end of market correction. The Nikkei index has held the ground near 13,000 after four weeks of selling and surged 4.3% this week. The yen resumed its slide.
Stocks in Tokyo traded higher and advanced for the first time in a week after four weeks of selling.
The Nikkei 225 Stock Average jumped 215.55 or 1.7% to 13,230.13 and Topix index rose 7.59 to 1,099.40.
For the week, the Nikkei 225 soared 4.3% and for the year the index is still up 27%. And the yen resumed its decline after the dollar index rose against most currencies.
The yen dropped as low as 98.29 and closed at 97.73 against one dollar in today’s trading and the currency is still below its 4-year peak of 103.73 on May 22.
Stocks in Review
Toyota Motor Corp gained 30 yen to 5,840 yen and Honda Motor Co. jumped 70 yen to 3,580 yen and Nissan Motor Co Ltd increased 20 yen to 1,030 yen.
Sony slid 11 yen to 2,002 yen. Canon Inc rose 55 yen to 3,270 yen and Nikon added 29 yen to 2,356 yen.
Fanuc Corp jumped 400 yen to 14,600 yen and Softbank Corp added 100 yen to 5,560 yen.
Seven & I Holdings Co advanced 110 yen to 3,515 yen. Fast Retailing Co. soared 1,430 or 4.8% to 31,050 yen.
Mitsubishi UFJ Financial Group rose 2 yen to 584 yen and Sumitomo Mitsui Financial Group climbed 50 yen to 4,320 yen.
Mitsubishi UFJ Financial Group, Inc. gained 0.3% and the banking services provider agreed to pay a fine of $250 million to New York regulators. The New York State Department of Financial Services charged that the bank transferred billions of dollars to countries including Sudan, Iran and Myanmar facing U.S. sanctions.
Itochu Corp. jumped 2.6% to 1,247 yen and Mitsui & Co. rose 0.9% to 1,237 yen after the conglomerates agreed to invest $1.5 billion in Jimblebar mining unit of BHP Billiton Ltd. extending interests in the company’s of Western Australian iron-ore operations.