Exporters gain in Tokyo after New York advances Wednesday
Gains in the New York equities markets on Wednesday send Tokyo markets higher on Thursday as Japanese investors took the advances on Wall Street as an endorsement of US demand for Japanese products. The Nikkei 225 added 1.3 percent to 15,954.38, while the Topix index was 1 percent higher to 1,599.10.
The export-focused electronics sector was higher. Hitachi added 0.9 percent to ¥716. Matsushita Electric Industrial, which makes the Panasonic brand, advanced by 1 percent to ¥2,460, while Sony gained 1.4 percent to ¥5,010 as it begins to overcome recent setbacks.
Carmakers also saw gains. Toyota was 1.1 percent higher to ¥6,270, while Honda added 2.7 percent to ¥3,860 and Nissan gained 3.1 percent to ¥1,331.
Printer and camera manufacturer Canon saw gains after Merrill Lynch issued an upgrade from “neutral” to “buy”, based on increased earnings. Canon added 1.4 percent to ¥5,920.
Among domestically-focused stocks, the retail sector saw gains, but real estate declined on continue profit-taking. General merchandise retailer Aeon was 1.6 percent higher to ¥2,860, while Fast Retailing added 2 percent to ¥10,680.
In the real estate sector, Mitsui Fudosan was 0.4 percent lower to ¥2,655 and Mitsubishi Estate dropped 0.8 percent to ¥2,560. Sumitomo Realty & Development declined by 1.5 percent, while Tokyo Tatemono fell 2.6 percent to ¥1,283.