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Market Update

Tokyo Indexes Extend 3-Day Rally, Sales Tax Talks Gather Momentum

Author: Hiruki Nakamura
Last Update: 9:47 AM ET September 04 2013

4:30 PM Tokyo Market indexes in Japan gained for the third day in a row and the yen eased for the second. Shipping companies closed higher on positive comments from analysts. The Bank of Japan began its 2-day meeting today and sales tax increase talks gained momentum.

Stocks in Tokyo advanced for the third day in a row and the yen edged lower for the second day and shipping companies closed higher after positive comments from a brokerage firm.

Investors focused on the growing political support in the U.S. among its leaders for a military strike against Syria and oil futures gained. U.S. alleges Syria used chemical weapons that killed as many as 1,400 people on an attack against rebels but produced no evidence.

Similar cooked up charges against Iraq led the U.S. to a disastrous war almost a decade ago that destabilized the Middle East region. The Iraq war has cost the U.S. more than $1 trillion and veterans care in the next 25 years is expected to cost additional $1 trillion.

The Nikkei 225 Stock Average gained 75.43 or 0.5% to 14,053.87 and the Topix rose 7.12 to 1,156.30.

The yen weakened 0.2% to 99.75.

Stocks in Review

Toyota Motor Corp increased 30 yen to 6,230 yen and Nissan Motor Co Ltd added 1 yen to 1,013 yen.

Honda Motor Co. gained 20 yen to 3,675 yen after automobile likely to increase the fiscal year dividend ending in March as expects strong earnings.

Sony closed up at 19 yen to 2,059 yen and Softbank Corp jumped 70 yen to 6,540.

Fast Retailing Co. closed unchanged at 34,050 yen after the retailer reported same-store sales in August at domestic Uniqlo outlets climbed 29% on above average hot temperatures in summer months.

Canon Inc climbed 3.8% to 3,145 yen after the digital camera maker plans to buy back as much as 1.6% shares for a maximum of 50 billion yen before November 1.

Mitsui & Co Ltd rose 0.3% to 1,403 yen after the diversified trading company forms joint venture with a Brazil-based major agricultural producer for large scale farm operation.

Olympus Corporation dropped 2.8% to 2,798 yen after the U.K. based Serious Fraud Office alleged its subsidiary Gyrus Group Ltd mislead auditors in 2009 and 2010.

Gyrus faces four charges and Olympus one charge and Gyrus said earlier it expects British fraud agency to press charges. The court hearing will starts from September 10.

Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc