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Market Update

Yen Advances as China Stocks and Emerging Markets Currencies Slide

Author: Hiruki Nakamura
Last Update: 9:11 AM ET September 07 2015

4:30 PM Tokyo Nikkei average in Tokyo closed up in thin trading and the yen gained after stocks in Shanghai fell sharply. Toshiba Corp, the diversified conglomerate embroiled in the accounting scandal reported annual sales in the year ending in March rose 3.3% and swung to a net loss.

Stocks in Tokyo managed to close higher in volatile trading and investors awaited reopening of the U.S. market after a 3-day weekend tomorrow.

Market indexes and currencies across Asia declined and stocks in Shanghai opened higher after a four-day long weekend but fell nearly 4% at close.

The Nikkei 225 Stock Average gained 68.31 or 0.4% to 17,860.47 and the broader Topix index added 1.12 to 1,445.65.

The yen strengthened to 119.33 against a dollar.

Stocks in Review

Dentsu Inc fell 0.5% to 5,690 yen after the advertising and marketing services provider said sales in August soared 15.2% to 121.40 billion yen from a year ago month.

The company said sales in television segment jumped 6.4% to 52.6 billion yen and sales in marketing and promotion surged 29.5% to 18 billion yen compared to the same month a year ago.

Skylark Co Ltd gained 1.5% to 1,677 yen after the restaurant operator said same restaurant sale in August rose 1% from a year ago and sales in Gusto segment increased 0.9%.

Toshiba Corporation increased 1.8% to 352.70 yen after the diversified company reported net sales in the year ending in March 2015 jumped 3.3% from a year ago to 6.65 trillion yen.

Net in the year swung to a loss of 37.8 billion yen compared to profit of 60.2 billion yen and diluted loss per share swung to 8.93 yen from diluted earnings per share of 14.23 yen in the same period a year ago.

Toshiba said the company had overstated its profit by 224.8 billion yen over a seven-year period, four times larger from the initial estimate.

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