4:30 PM Tokyo – Stocks in Japan succumbed to sustained selling pressure but traders added exposure to electronics and automakers as the yen inched up to 120 mark against the yen. Takata stepped up air bag production to replace defective bags. Kobe plans to build an automotive body panel plant in the U.S.
Stocks in Tokyo closed down on profit-taking but investors stepped up to buy on the dips especially in the currency sensitive export companies.
Selling in market indexes in expected to continue till the end of next week when the options and index futures are expiring.
The monetary base in February dropped 36.7% to 275.26 trillion yen from 37.4% in January and 55.7% a year ago month, but adjusted monetary base soared 43.2% to 285.69 trillion yen from 277.27 trillion yen in January, the Bank of Japan said today.
The Nikkei 225 Stock Average slid 11.72 to 18,815.16 and the broader Topix index rose 1.86 to 1,526.83.
The yen closed at 119.70 against one dollar.
Stocks in Review
slipped 1.3% to 5,300 yen after the advertising and marketing service provider agreed to acquire 40% stake in the Vietnam-based Emerald Consulting Company Limited with option to acquire majority stake at a later date.
Kobe Steel, Ltd
rose 0.4% to 234 yen after the steel and titanium sheet maker plans to build a plant for automotive body panel in the U.S. with an estimated cost of 100 billion yen or $80 million to expand the sales in North America.
declined 3.5% to 245 yen after the Nikkei news reported electronic product maker plans to restructure its domestic operations, including closing of four plants and selling the money-losing solar panel business.
The company is seeking financial assist from its two main creditors including 150 billion yen of debt-for-equity swap.
decreased 1.2% to 1,361 yen after the automobile seatbelts and airbag maker increased production of the kits to 450,000 per month from 350,000 in December and may lift it to 900,000 kits per month by this September for replacement of the defective air bags.
gained 1.1% to 3,185 after the weather prediction provider’s company president Chihito Kusabiraki said operating profit margin in the next fiscal year are estimated to match the 25% margin in the current fiscal year.