4:30 PM Tokyo – Stocks in Japan closed higher and the yen remained weak. Toyota reported a surge in profit on weaker yen and lifted its North American unit sales outlook but held its global sales estimate.
Stocks in Tokyo closed higher and the yen hovered near its recent low and Toyota reported better than expected earnings on weaker yen.
Toyota lifted its net income outlook for the current fiscal year to 1.67 trillion yen or $16.95 billion compared to previous estimate of 1.48 trillion yen.
Toyota earned record 1.72 trillion yen in the fiscal year ending in March 2008.
The Nikkei 225 Stock Average jumped 111.94 or 0.8% to 14,337.31 and the Topix gained 9.58 to 1,192.16.
The yen closed at 98.66 against one dollar.
Stocks in Review
Toyota Motor Corp rose 30 yen to 6,350 yen after the automaker reported net revenues in the first-half ending in September soared 14.9% to 12.54 trillion yen from 10.91 trillion yen a year ago.
Net income in the period surged 82.5% to 1 trillion yen compared to 548.3 billion yen and diluted earnings per share climbed to 315.58 yen from 173.13 yen a year earlier.
The automotive company added consolidated vehicle unit sales in the first-half in Japan and overseas markets decreased 1.1% to 48,000 units to 4.46 million units.
Net revenues for the automotive segment jumped 14.9% to 11,633.2 billion yen and net revenues for the financial service segment surged 25.8% to 687.6 billion yen.
Toyota added net revenues for the period in Japan jumped 8.4% to 6,944 billion yen and net revenues in North America climbed 33.6% to 4,068 billion yen.
Revenue from Europe soared 29.1% to 1,303 billion yen and from Asia region revenue increased 11% to 2,400 billion yen.
Toyota lifted consolidated net revenues estimate for current fiscal year to increase 13.3% to 25,000 billion yen and net income to surge 73.6% to 1,670 billion yen. Operating income to climb 66.6% to 2,200 billion yen.
Toyota also revised higher its North American sales estimate to 2.63 million units from 2.61 million units in the fiscal year and dropped its Asian sales outlook to 1.64 million units from 1.7 million and global consolidated sales excluding China estimate was left unchanged at 9.1 million.
Honda Motor Co. closed unchanged at 3,930 yen and Nissan Motor Co Ltd gained 24 yen to 885 yen.
Sony increased 20 yen to 1,689 yen.
Softbank Corp dropped 160 yen to 7,550 yen and Fast Retailing Co. declined 250 yen to 32,250 yen.
Suntory Beverage & Food Limited
rose 0.1% to 3,260 yen beverages and food group said net sales in the third-quarter ending in September climbed 12% to 837.2 billion yen from 747.3 billion yen a year ago. Net income in the quarter surged 57% to 24.5 billion yen compared to 15.6 billion yen a year ago period.