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Market Update

Weak Yen Fails to Lift Nikkei Index in Japan

Author: Hiruki Nakamura
Last Update: 12:11 PM ET April 01 2015

4:30 PM Tokyo – Stocks in Tokyo closed down tracking international market weakness. Jastec Co, the software developer, said first-quarter sales jumped 6.6% and net income soared 9.6%. Japan Post forecasted fiscal year revenues to increased 3.9% and net is expected to swing to profit.

Stocks in Tokyo closed down following market weakness in New York and in Europe.

The Nikkei 225 Stock Average slumped 172.15 or 0.9% to 19,034.84 and the broader Topix index decreased 14.12 to 1,528.99.

The yen weakened to 119.93 against a dollar.

Stocks in Review

ABC-Mart Inc declined 3.4% to 6,790 yen after the Nikkei news reported shoes retailer’s net sales for the year ending in February is expected to surge 13% to about 213 billion yen and operating profit to climb 17% to 40 billion yen.

Jastec Co., Ltd gained 1% to 903 yen after the software developer said net sales in the first-quarter ending in February jumped 6.6% to 3.01 billion yen from 2.83 billion yen in a year ago period.

Net income in the quarter climbed 9.6% to 199 million yen compared to 177 million yen and diluted earnings per share increased to 11.34 yen from 10.43 yen in the same period a year ago.

Japan Display Inc slipped 1.4% to 426 yen after the mobile and tab screen maker agreed to acquire land for the company''s planned Generation 6 LCD Feb unit in Ishikawa prefecture for about 30 billion yen from Kirin Brewery Company, Limited.

Japan Post Holdings Co., Ltd, the Jiji Press said postal services provider forecasted revenues for the fiscal 2015 to climb 3.9% to 2.9 trillion yen and operating profit swung to profit of 10.8 billion yen compared to estimated loss of 2 billion yen.

For the fiscal 2014, the company estimated net profit of 14 billion yen compared to expected loss of 26.7 billion yen, mainly due to costs to renovate old post offices.

Mitsubishi Heavy Industries Ltd fell 0.9% to 656.30 after the Nikkei news reported diversified manufacturer and Germany-based Kion Group AG are in talks to acquire Japan-based forklift truck maker UniCarriers for up to 100 billion yen or $833 million.

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