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Market Update

Yen's Slide Lifts Nikkei Above 15,000 After 5-Years


Author: Hiruki Nakamura
ticker.com
Last Update: 10:19 AM ET May 15 2013

5:30 PM Tokyo Nikkei in Tokyo resumed its advance and jumped 2.3% and crossed 15,000 for the first time in five and a half years. For the year, the Nikkei has soared 45% on top of 23% rise in 2012. Mitsubishi UFJ Financial net declined and Isuzu Motor earnings were ahead of expectations.

Stocks in Tokyo resumed the advance and the benchmark index jumped above 15,000 for the first time in five and a half years.

Stocks have soared since November after Shinzo Abe led the charge ahead of election in December to lift economic growth and inflation in Japan and forced out central bank head.

The yen extended its slide and fell to 102.24 against one dollar, near the low since October 2008. The yen traded at 86.67 at the beginning of the year.

The Nikkei 225 Stock Average climbed 337.61 to 15,096.03 and the broader Topix Index jumped 22.05 or 1.8% to 1,252.85.

Sony was in focus and surged 10.6% and Sony Financial Holdings advanced 9.4% after activist investor Daniel Loeb accumulated more than 6% in Sony and urged the management to spin off 20% of its entertainment arm.

Sony stock has nearly doubled in the year as markets rallied in Japan but have lagged in the last ten years as the electronics maker lost its focus and competitive position in innovative electronic products making and diversified beyond its roots.

Sony in a curt statement said that it is not looking to sell any of its units.

Stocks in Review

Toyota Motor Corp soared 230 yen to 6,440 yen and Honda Motor Co. jumped 115 yen to 4,185 yen and Nissan Motor Co Ltd advanced 49 yen or 4.5% to 1,147 yen.

Sony surged 195 yen or 10.4% to 2,072. Canon Inc climbed 95 yen to 3,740 yen and Nikon soared 161 yen or 6.3% to 2,729 yen.

Fanuc Corp. jumped 530 yen to 16,460 yen Softbank Corp advanced 260 yen or 4.6% to 5,960 yen.

Seven & I Holdings Co climbed 165 yen or 4.2% to 4,065 yen. Fast Retailing Co. soared 800 yen to 38,800 yen.

Mitsubishi UFJ Financial Group rose 22 yen to 732 yen and Sumitomo Mitsui Financial Group jumped 110 yen to 4,915 yen.

Isuzu Motors Limited surged 150 yen or 20.8% to 872 yen after it reported better-than-expected operating profit. Net sales for the year ending in March climbed 18.3% to 165.59 billion yen. Net income jumped 63.54 billion yen compared to 91.26 billion yen and net income per share climbed 56.98 yen from 53.86 yen a year ago.

Isuzu expects operating profit for the year ending March 2014 of nearly 180 billion yen.

Mitsubishi UFJ Financial Group Inc jumped 3.1% to 732 yen and after the close the bank said net interest income in the year ending in March dropped 181.69 billion yen compared to 184.06 billion yen. Net income declined 85.26 billion from 98.13 billion yen.

MEIJI Holdings Co., Ltd. soared 370 yen or 8.3% to 4,825 yen after dairy products maker estimated net income for the fiscal year ending in March 2014 of 16.5 billion yen.

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