Tokyo equities markets optimistic on future
by Brian Turner
In the Tokyo equities markets, the Nikkei and Topix index were both up substantially on Tuesday on continuing optimism that Japan’s economic recovery will continue.
The Nikkei 225 gained 1.5 percent to 13,148.57. It was the first time since 2001 that the Nikkei rose above the 13,000 mark. Meanwhile, the Topix index gained 1.1 percent to 1,343.78.
Traders, however, are divided on whether the gains really are being driven by optimism, with some saying that technical factors are really more of a factor in recent advances, with more investors shifting their attention away from uncertain markets in Europe and the United States. The banking sector saw advances on the day.
MTFG gained 2.5 percent to ¥1,220,000, Mizuho was up 3.5 percent to ¥672,000, and SMFG advancing by 4.7 percent to ¥1,010,000.
Elsewhere, brewer Kirin gained 10.9 percent to ¥1,246 on an upgrade from “sell/high risk” to “buy/low risk” by Citigroup. Toyota was up as well, by 2.1 percent to ¥4,860. Sony lost 0.3 percent to ¥4,050 before Thursday’s scheduled unveiling of the company’s restructuring plan.
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