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Tokyo markets up on weak yen

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by Elaine Frei

Tokyo equities markets were higher on Thursday after the yen fell to yet another record low in relation to the euro. The yen fell in reaction to weak industrial output data. Export-focused stocks did especially well as investors believed that the euro’s strength against the yen would make Japanese goods more attractive to European shoppers. The Nikkei 225 added 1.7 percent to 16,140.76 and the Topix index was 1.4 percent higher to 1,634.46.

Camera makers Canon and Konica Minolta were both higher, up 2.3 percent to ¥5,840 and 4.7 percent to ¥1,535 respectively. Carmakers also saw gains. Toyota Motor added 1.3 percent to ¥6,370, while Nissan Motor gained 2.4 percent to ¥1,334.

Some domestic sectors were also up on the day. In the banking sector, for example, Mitsubishi UFJ was up 0.6 percent to ¥1,600,000 after announcing plans for expansion in Indonesia. SMFG advanced by 2.3 percent to ¥1,320,000.

Reports that it will enter into an operations agreement with Nippon Paper Group, Hokuetsu Paper Mills added 2.3 percent to ¥725. Most analysts believe that such a deal will effectively block Oji Paper’s attempt to take over Hokuetsu. Oji was up 0.9 percent to ¥666, while Nippon Paper gained 3.3 percent to ¥436,000.

Japan Airport, which runs Tokyo’s main domestic airport, added 7.9 percent to ¥1,438 on the announcement that the Japan Olympic Committee will put forward Tokyo as a candidate for host city for the 2016 Summer Olympics.

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News posted: August 31, 2006

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