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Market Update

Yen Slides to 5-Year Low and Lifts Nikkei to a New High


Author: Hiruki Nakamura
ticker.com
Last Update: 10:51 AM ET May 13 2013

5:30 PM Tokyo The yen declined more and broader market indexes extended gains after G7 ministers offered a tacit approval to the latest yen weakness. Traders are looking for the yen to drop to 115 against one dollar and the Nikkei index to jump above 15,000. Exporters were in demand in trading today.

Stocks in Tokyo extended gains after the G7 meeting of ministers failed to criticize the latest Japanese efforts to weaken the yen.

The yen extended its slide and fell to 102.05 and closed at 101.79 against one dollar, the lowest since October 2008.

The Nikkei 225 Stock Average gained 174.67 or 1.2% to 14,782.21 and the broader Topix Index increased 21.60 or 1.8% to 1,232.20.

Exporters were in demand after foreign investors stepped up adding exposure to the companies reliant of foreign markets.

Stocks in Review

Toyota Motor Corp jumped 230 yen to 6,280 yen and Honda Motor Co. gained 60 yen to 4,115 yen and Nissan Motor Co Ltd soared 48 yen or 4.5% to 1,111 yen.

Sony climbed 68 yen to 1,855. Canon Inc advanced 70 yen to 3,625 yen and Nikon surged 111 yen or 4.4% to 2,611 yen.

Fanuc Corp. increased 290 yen to 16,180 yen Softbank Corp rose 10 yen to 5,580 yen.

Seven & I Holdings Co added 30 yen to 3,870 yen. Fast Retailing Co. jumped 700 yen to 38,000 yen.

Mitsubishi UFJ Financial Group surged 55 yen or 8.2% to 728 yen and Sumitomo Mitsui Financial Group soared 260 yen or to 4,930 yen.

Nissan Motor Co., Ltd climbed 48 yen or 4.5% to 1,111 yen after the automobile company expects net income in the fiscal year 2013 to increase to 420 billion yen.

Panasonic Corporation surged 57 yen or 7.6% to 806 yen after the electronics products maker said net income swung to 50 billion yen for the fiscal year ending in March compared to net loss of 754 billion yen a year earlier.

The electronics products maker forecasts TV sales to declined 16% to 11.5 million units and losses in the television business to narrow to 34 billion yen compared to 88.5 billion yen a year ago.

Sharp Corporation soared 56 yen or 12.4% to 506 yen after the Kyodo news reported electronic equipments maker reached an agreement to sell its Malaysian TV plant to Wistron Corp. in Taiwan.

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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