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Market Update

Yen Gains in Tokyo, Yamaichi Electronics and Suntory in Focus on Earnings

Author: Hiruki Nakamura
Last Update: 9:40 AM ET May 20 2014

4:30 PM Tokyo Nikkei index in Tokyo closed up and the yen closed higher for the second day in a row. Bank of Japan is scheduled to complete its 2-day meeting tomorrow and investors are looking for additional stimulus measures.

Trading in yen provided direction to stocks and market averages gained at close after a choppy session.

The Nikkei 225 Stock Average gained 68.81 or 0.5% to 14,075.25 and the Topix index rose 3.31 to 1,153.38.

The yen closed higher at 101.44 against the U.S. dollar.

Stocks in Review

Toyota Motor Corp rose 9 yen to 5,468 yen. Honda Motor Co added 24 yen to 3,402 yen. Nissan Motor Co Ltd gained 1.2% to 896 yen.

Sony slid 2 yen to 1,625 yen.

Softbank Corp increased 30 yen to 6,796 yen. Fast Retailing Co Ltd jumped 395 yen to 31,790 yen.

Hearts United Group Co Ltd gained 1.1% to 1,931 yen after the software discovery delivery company said net sales in the year ending in March climbed 47.4% to 10.14 billion yen from 6.88 billion yen a year ago.

Net in the year surged 88.2% to 1.09 billion compared to 579 million yen and earnings per share soared to 91.92 yen from 49.95 yen a year earlier.

Suntory Holdings Limited, the distilled-liquor maker reported net sales in the first-quarter ending in March soared 18.6% to 483.99 billion yen from 408.18 billion yen a year ago period.

Net income in the quarter climbed 87.4% to 9 billion yen compared to 4.80 billion yen and earnings per share jumped to 13.09 yen from 7.04 yen a year earlier.

The distilled-liquor maker forecasted sales in 2020 of 1 trillion yen or $9.72 billion after it acquired the U.S.-based whiskey giant Beam Inc on April 30 for $83.50 per share and renamed as Beam Suntory Inc.

The company generates annual worldwide sales of about $4.6 billion excluding taxes.

Yamaichi Electronics Co., Ltd closed unchanged at 385 yen after the integrated circuit maker reported net sales in the year ending in March jumped 9.1% to 21.78 billion yen from 19.96 billion yen a year ago.

Net in the year tumbled 69.1% to 970 million compared to 3.14 billion yen and earnings per share declined to 41.65 yen from 134.82 yen a year earlier.

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