S&P 500 2,441.20 17.28
Gold$1,224.80 $5.30
Nasdaq 6,253.81 61.92
Crude Oil $60,490.00      $-1570.00
Market Update

Yen Drops to 7-year Low Against the Dollar, J Front October Sales Drop


Author: Hiruki Nakamura
ticker.com
Last Update: 1:27 PM ET November 14 2014

4:30 PM Tokyo – The yen declined to a seven-year low against the U.S. dollar and market indexes traded higher. Mitsubishi UFJ reports higher income in the first-half on rising loan volumes in international markets. Mizuho Financial said first-half net declined on lower fees and income.

The yen continued its slide against the U.S. dollar and the euro and market indexes extended weekly gains.

The Nikkei 225 Stock Average gained 98.04 or 0.6% to 17,490.83 and the broader Topix index increased 10.90 to 1,400.41.

For the week, Nikkei 225 climbed 3.6% and the yen closed at 119.36 against one dollar.

Stocks in Review

J.Front Retailing Co Ltd jumped 1.1% to 1,598 yen after the clothing, home appliances and food products retailer said total sales in October slipped 1.6% and sales from department store business dropped 1.7%. Sales from wholesale business segment declined 9.7% compared to same month a year ago.

Accessories sales plunged 5.7% and total household goods sales plummeted by 8%. Sales from restaurants & cafés business dropped 6.6% and sales from services segment tumbled 20.6%.

Mitsubishi UFJ Financial Group Inc increased 0.3% to 645.10 yen after the lender and insurance company said revenues in the first-half ending in September climbed 6.9% to 2.76 trillion yen from 2.58 trillion yen from a year ago period.

Net income in the quarter jumped 9.1% to 578.72 billion yen compared to 530.20 billion yen and diluted earnings per share rose to 40.66 yen from 36.68 yen in the same period a year ago.

Mitsubishi UFJ said it plans to buy back its shares as much as 1.27% for up to 100 billion yen between November 17 and March 31, 2015.

Mizuho Financial Group, Inc rose 0.4% to 205 yen after the bank and investment company reported revenues in the first-half ending in September slid 1.8% to 1.51 trillion yen from 1.54 trillion yen from a year ago period.

Net income in the quarter plunged 17.3% to 355.29 billion yen compared to 429.75 billion yen and diluted earnings per share dropped to 14 yen from 16.92 yen in the same period a year ago.

The bank forecasted net profit for the year to decline 20% to 550 billion yen from a year ago period. “We did not change our initial forecast,"" President Yasuhiro Sato said in the earnings news conference.

North Pacific Bank Ltd gained 1.7% to 476 yen after the financial service provider said revenues in the first-half ending in September declined 11.8% to 75.82 billion yen from 86 billion yen from a year ago period.

Net income in the quarter tumbled 42.7% to 10.07 billion yen compared to 17.59 billion yen and diluted earnings per share jumped to 42.91 yen from 25.24 yen in the same period a year ago.

Nexon Co Ltd surged 14.9% to 1,167 yen after the online games developer reported net sales in the nine-month ending in September climbed 7.6% to 130 billion from 120.87 billion yen a year ago period.

Net income in the quarter dropped 2.2% to 33.81 billion yen compared to 34.57 billion yen and diluted earnings per share slid to 76.35 yen from 77.69 yen in the same period a year ago.

  1
Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc