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Market Update

Yen Extends Losses, FamilyMart and UNY in Merger Talks

Author: Hiruki Nakamura
Last Update: 10:31 AM ET March 11 2015

4:30 PM Tokyo – Stocks in Tokyo struggled to hold on gains of the day and the yen eased after the U.S. dollar hit a 12-year high against the euro. FamilyMart is in merger talks with the rival UNY Group to form the second-largest convenience store chain.

Stocks in Tokyo reacted to events in New York and in Europe after the U.S. dollar rose to a 12-year high and the euro zone ministers struggled to finalize an agreement with Greece.

Domestically, seasonally adjusted core machinery orders in January declined 1.7% to 838.9 billion yen after increasing 8.3% to 853.6 billion yen in December, the first decline in three months, the Cabinet Office said.

The Nikkei 225 Stock Average gained 58.41 or 0.3% to 18,723.52 and the broader Topix index edged up 0.92 to 1,525.67.

The yen eased and extended losses to 121.26 against a dollar.

Stocks in Review

FamilyMart Co Ltd plunged 6.9% to 4,935 yen after the convenience store confirmed it is in talks with rival UNY Group Holdings Co Ltd, to form country’s second-largest convenience store chain.

McDonald''s Holdings Co (Japan) Ltd gained 0.8% to 2,642 yen after the fast-food restaurant operator launch a new smart-phone app for customer complaints after the series of unexpected objects were discovered in food.

Sony, Inc rose 0.3% to 3,256 yen after the entertainment equipment maker will start to sell its flagship PlayStation 4 video game console and PlayStation Vita videogame consoles in China on March 20, two months later from initially planned. PlayStation 4 is expected to be priced at 2,899 yuan or $471 and Vita at 1,299 yuan or $207.

Suntory Holdings Ltd, the alcoholic beverages maker filed a lawsuit against Asahi Breweries Ltd with the Tokyo District Court for alleged patent infringement.

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