Filed under: Equities, Economy, Asia, Japan

Tokyo equities markets dropped significantly on Tuesday as investors worried that interest rates in the United States could rise further. The Nikkei 225 dropped 1.8 percent to 15,384.86, while the Topix index closed 1.7 percent lower at 1,56 7.30. The Mother’s market of small-cap stocks, declined by 2.8 percent to 1,355.30.

Exporters saw their shares decline, but there were losses in domestic sectors as well. Real estate was down 3.6 percent as a sector, while the electronics sector declined by 1.8 percent.

Seafood companies were the only real winners on the day, as their international sales continue to grow. Nippon Suisan added 1.4 percent to ¥571, while Maruha gained 3.6 percent to ¥342.

Among electronics companies, consumer electronics giant Sony dropped 1.5 percent to ¥5,110, while Hitachi declined by 1.6 percent to ¥763 and component manufacturer Kyocera lost 2.4 percent to ¥9,220.

Mitsui Fudosan, the largest real estate company in Japan, declined by 2.8 percent to ¥2,300, while Mitsubishi Estate fell 4.1 percent to ¥2,125.

Automobile manufacturers, which sell a huge portion of their cars in the United States, also saw declines. Honda declined by 1.3 percent to ¥7,340 and Nissan closed 1.9 percent lower at ¥1,322.

In the banking sector, Mizuho Trust, part of the Mizuho group fell a further 4.8 percent to ¥280. The shares have been falling since Friday’s “underperform” rating from Goldman Sachs.

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Permalink: Tokyo markets fall on interest rate worries

Filed under: Equities, Economy, Asia, Japan

The Tokyo equities markets were up strongly on Friday as investor pessimism seemed to ease, with both domestically-focused and export-oriented sectors seeing gains on the day. The Nikkei 225 added 1.8 percent to 15,789.31, while the Topix index was up 1.4 percent to 1,606.11.

Banks were up by 1.6 percent as a sector. The world’s biggest bank as figured by assets held, Mitsubishi UFJ, gained 1.3 percent to ¥1,570,000, while Mizuho was up 1.5 percent to ¥2,540.

The electronics sector also saw gains, rising 1.9 percent on the whole. Hitachi added 1.3 percent to ¥773. Consumer electronics giant Matsushita Electric, meanwhile, advanced by 2.6 percent to ¥2,540.

In the telecommunications sector, an upgrade from UBS sent mobile phone operator KDDI 5.1 percent higher to ¥756,000.

There was trouble, however, for companies in which activist shareholder Yoshiaki Murakami holds a large stake after it was said that Mr. Murakami’s fund is being investigated for possible securities law violations. This resulted in no trades at all for department store Matsuzakaya, which had an excess of sell orders. Sumitomo Warehouse dropped 7 percent to ¥739.

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Permalink: Tokyo markets see strong gains

Filed under: Equities, Economy, Asia, Japan

The Nikkei 225 and the Topix index were both up slightly in Tokyo on Thursday, but the Tokyo Stock Exchange’s Mother’s index of small-cap companies dropped 3.9 percent to 1,317.80 on unsatisfactory earnings results and on corporate governance issues. The Nikkei added 0.2 percent to 15,503.74, mostly on export-focused stocks, while the Topix was up 0.3 percent to 1,584.56.

The transport equipment sector added 0.9 percent as a whole. Automobile manufacturers Toyota and Nissan each advanced by 1.5 percent on the day, to ¥6,020 and ¥1,370 respectively.

Kikkoman was up 7.2 percent to ¥1,528 after the Daiwa Institute of Research advanced the world’s largest maker of soy sauce to its highest rating, saying that it was in a period of growth due to domestic restructuring and foreign sales that are increasing.

Map publisher Shobunsha added 5.4 percent to ¥1,528 on the strength of its new Tokyo parking guide, which will be published next week. The gains came on the day when new, more stringent parking rules were to be implemented in Tokyo.

Meanwhile, the banking sector as a whole gained 1.1 percent, with Mitsubishi UFJ adding 1.3 percent on the day to ¥1,550,000.

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Permalink: Nikkei, Topix advance on day

Filed under: Equities, Economy, Asia, Japan

With foreign buyers selling more than they bought for the fourth consecutive session, Tokyo equities markets declined on Tuesday even though news from the corporate world tended toward the positive. The Nikkei 225 dropped 0.4 percent to 15,859.45, while the Topix index was down 0.2 percent to 1,612.76.

The real estate sector was down on continuing worries that values are too high. Tokyo Tatemono declined by 2.7 percent to ¥1,162. Mitsubishi Estate dropped 1.5 percent to ¥2,245. Mitsui Fudosan and Tokyu Land, meanwhile, each lost 1 percent, to ¥2,360 and ¥857 respectively.

Retailers also lost ground on the day, declining by 1.3 percent as a whole. Among department stores, Takashimaya was down 1.3 percent to ¥1,521, Matsuzakaya dropped 1.8 percent to ¥856, and Matsuya lost 5.8 percent to ¥1,950. Seven & I, which holds convenience stores and restaurants along with departments stores, was down 1.5 percent to ¥4,010, while convenience store operator Lawson fell 1 percent to ¥4,110.

The electronics sector was mixed, with NEC up 1.2 percent to ¥696 after it said it would talk with Matsushita Electric about joining up to manufacture cell phones. Matsushita, however, dropped 0.2 percent to ¥2,490.

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Permalink: Real estate, retail lower in Tokyo

Filed under: Equities, Economy, Asia, Japan, India, South Korea

Most Asian equities markets saw gains on Monday, with Tokyo again being the exception as the Topix index was slightly higher but the Nikkei was down by 55.08 points on the day.

In South Korea, the Kospi Index added 0.5 percent to 1,329.22 as foreign buyers purchased more than they sold for the first time in 14 trading days. The Hang Seng in Hong Kong added 0.4 percent to 15,963.77 despite caution in anticipation of the beginning of trade by the Bank of China, scheduled for Thursday. The BSE Sensex index in Mumbai added 0.4 percent to 10,853.14 on advances in the transportation sector. In Karachi, Pakistan, however, the KSE-100 lost 3.9 percent to 10,247.59 as foreign fund managers sold heavily.

In Tokyo, while the Topix added 0.2 percent, a mere 2.39 points, to 1,616.17 on steel and banking advances, the Nikkei 225 dropped 0.3 percent to 15,915.68.

The banking sector added 1.2 percent as a whole, with Mitsubishi UFJ and Resona each up by 2.7 percent, to ¥1,540,000 and ¥348,000 respectively. Despite forecasts for this year that were disappointing for some banks, most annual reports for the year just ended were good.

Steel companies were up on reports that European steel maker Arcelor will purchase Russian company Severstal. Nippon Steel gained 0.7 percent to ¥471, Tokyo Steel Manufacturing was up 1 percent to ¥2,460, and JFE added 1.7 percent to ¥4,860.

Toyota was up 0.5 percent to ¥6,140 after Daiwa Institute of Research raised its target share price on the carmaker.

Declines came in the retail sector after new data showed that year-on-year sales were down in April. Seven & I dropped 1 percent to ¥4,070, while Isetan was down 1.4 percent to 2,085 and Matsuzakaya declined 2 percent to ¥872.

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Permalink: Asian markets mostly higher; Tokyo mixed

Filed under: Economy, Asia, Japan

In an attempt to keep overnight interest rates in check, the Bank of Japan put ¥1,500 billion ($13.5 billion) into money markets after rates again challenged the 0.1 percent ceiling set by the Bank’s current policy of keeping interest rates at zero for all practical purposes. The move, which came after the Bank put ¥500 billion into money markets last week, sent the overnight rate back down to the 0.07 - 0.08 level.

The move has fueled speculation that the Bank will raise interest rates by a quarter of a percent when it meets in June. The Bank has tried to calm such rumors by dropping hints that it is no hurry to raise interest rates.

Interest rates began to go up rapidly after liquidity levels went below ¥13,000 billion last week. At the time the Bank announced an end to its ultra-loose monetary policy in March, liquidity was more than ¥30,000 billion. This meant that there was enough money available for zero interest overnight money for anyone who wanted it.

The rapid rise in the overnight rate surprised most observers including many officials at the Bank of Japan. The conventional wisdom had been that the rate would remain close to zero at least until liquidity had dropped to ¥8,000 billion.

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Permalink: Overnight rates in Japan test 0.1 percent level

Filed under: Equities, Economy, Asia, Japan

The Tokyo equities markets saw gains on Friday as both domestic and export-focused sectors were up on the day. The markets had seen substantial declines earlier in the week. The Nikkei 225 added 1.8 percent Friday to 15,970.76, while the Topix index was also 1.8 percent higher to 1,613.78.

Banks were up 2.5 percent as a sector. Mitsubishi UFJ added 1.4 percent to ¥1,500,000, while Mizuho was up 2.5 percent to ¥917,000 and SMFG gained 2.7 percent to ¥1,160,000.

Toymaker Tomy added 9.5 percent to ¥845 on a prediciton that it would make a profit this year. Meanwhile, game maker Nintendo was up 8.8 percent to ¥18,980 as Merrill Lynch reiterated its “buy” rating. Shares in Nintendo had fallen substantially on Thursday after news was released of a drop in its operating profit.

Carmaker Toyota gained 1.5 percent on the day to ¥6,100. In another heavily export-focused sector, electronics company Hitachi added 2.2 percent to ¥776.

Among miners, Sumitomo Metal Mining was up 4.8 percent to ¥1,527, while Dowa Mining added 2.9 percent to ¥1,083 as commodities prices rose again.

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Permalink: Nikkei, Topix each add 1.8 percent

Filed under: Equities, Economy, Asia, Japan, India, South Korea

Asian equities markets were down again on Thursday as investors continued to look for less risky places to put their money. The exception was the BSE 30 Index in India, which added 0.88 percent to 10,666.32 after a rally late in the day.

In Thailand the SET Index fell 1.8 percent to 701.03, it’s lowest close in five months. In South Korea, the Korea Composite Stock Price Index dropped 2.82 percent to 1,295.76, the third biggest one-day decline so far this year and the index’s lowest close in six months. The Hang Seng, in Hong Kong, declined by 0.79 percent to 15,696.89, while the Straits Times Index in Singapore lost 1.3 percent to 2,404.45.

Elsewhere in the Pacific, the S&P/ASX 200 in Sydney lost 1.21 percent to 4,976.80.

The Tokyo equities markets were also down on the day, with the Nikkei 225 losing 1.3 percent to 15,693.75 and the Topix index dropping 1.3 percent as well, to close at 1,584.71. Declines came for both domestic and export-focused stocks.

The electronics sector was down 1.4 percent as a whole. Toshiba lost 4.5 percent to ¥713, while Sony declined by 1.4 percent to ¥5,090. Automobile manufacturer Toyota, also focused on exports, lost 1.8 percent to ¥6,010.

Among more domestically focused sectors, securities were down 3.6 percent as a whole. Nomura dropped 3.7 percent to ¥2,200, while Daiwa Securities and Nikko Cordial each lost 4 percent to ¥1,377 and ¥1,566 respectively.

The real estate sector dropped 1.5 percent as a whole. Mitsui Fudosan lost 1.9 percent to ¥2,340 and Mitsubishi Estate ended the day down 3.9 percent to ¥2,230.

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Permalink: Asian markets mostly lower again

Filed under: Equities, Economy, Asia, Japan, India

Asian equities markets, especially in emerging economies, saw gains on Tuesday after Monday’s losses. Bargain-hunting and higher commodities prices helped bring about the advances.

In Mumbai, the Sensex index added 3.3 percent to 10,822.78 after a 4.2 percent decline Monday. In Jakarta, the JSX index was up 1.3 percent to 1,326.26, while in Singapore the Straits Times index gained 0.5 percent to 2,429.55 and in Bangkok the SET index advanced by 0.5 percent to 727.21.

The exception to the gains was Japan, where the Tokyo equities markets dropped significantly on declines in a number of sectors. The Nikkei 225 dropped 1.6 percent to 15,599.20, while the Topix index declined by 2.3 percent to 1,579.26, as both closed at their lowest levels in three months.

Banks dropped 4.3 percent as a sector. Mitsubishi UFJ was down 6.1 percent to ¥1,530,000 after it said that earnings in the 2006/2007 fiscal year would be down substantially from record profits in 2005/2006. Mizuho declined by 4.8 percent to ¥895,000 on comments from UBS that its operating profits target for the 2006/2007 fiscal year could be overly ambitious.

The securities sector was down by 2.7 percent on the day, with Nomura dropping 2.9 percent to ¥2,200 and Nikko Cordial losing 2.6 percent to ¥1,599.

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Permalink: Emerging Asian markets higher; Tokyo still down

Filed under: Equities, Economy, Asia, Australia, Japan, India, South Korea

Equities markets in Asia saw substantial declines on Monday as investors interested in avoiding risks exited emerging markets. Declines were widespread throughout the region.

In Mumbai, the market fell 10 percent during the day, causing trade to be suspended for an hour. Once trade resumed, the market recovered some but still closed 4.2 percent lower at 10,481.77. In other major Asian markets, Indonesia’s Composite Index lost 6 percent to 1,309.05 and the Straits Times in Singapore and the Hang Seng in Hong Kong each dropped 3.1 percent to 2,416.69 and 15,805.52 respectively.

The Kospi index in Seoul declined by 2.5 percent to 1,338.59. The biggest exception to the declines there was retailer Shinsegae, which added 6.6 percent on the day to won460,000 after it said it would buy Wal-Mart’s South Korean stores.

Meanwhile, in Australia, the S&P/ASX in Sydney dropped 1.4 percent to 5,030.8. Miners were a factor there, with BHP Billiton dropping 3 percent to A$27.89 and Rio Tinto falling 3.9 percent to A$75.22. Oil stocks were also lower in Sydney, with ARC Energy down 6.4 percent to A$1.54 and Hardman Resources declined by 6.7 percent to A$1.76.

In Tokyo, the Nikkei 225 closed at its lowest level in two months, dropping 1.8 percent to 15,857.87. The Topix index lost 1.4 percent to 1,615.86. Miners were down there, as well, with Nippon Mining losing 8 percent to ¥948 and Sumitomo Metal Mining down by 3.9 percent to ¥1,471.

Among Japanese semiconductor companies, Elpida Memory lost 5.2 percent to ¥4,890 on a restatement of last year’s earnings that showed an even wider net loss than had been previously reported. In the electronics sector, Sony added 0.8 percent to ¥5,120 on the announcement that mobile carrier KDDI has plans to launch a line of Walkman-type mobiles manufactured by Sony Ericsson. The news sent shares in KDDI up 1.4 percent to ¥737,000.

Seafood processing groups saw the biggest gains for the day in Tokyo, with Nippon Suisan adding 10.2 percent to ¥584 and Maruha gaining 3.3 percent to ¥282. The sector has been benefiting from foreign demand for their products.

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Permalink: Asian equities markets decline

Filed under: Equities, Economy, Asia, Japan

In Tokyo on Wednesday the equities markets were up for the first time in over a week, with the Nikkei 225 up 0.9 percent to 16,307.67 and the Topix index gaining 0.7 percent to 1,657.07. Commodities stocks that were higher after recent declines were key to the day’s gains, even as sectors focused on domestic demand were generally down on the day.

The securities sector was down by 0.4 percent as a whole. Daiwa Securities, for example, was 2 percent lower to ¥1,463.

Retailers as a sector were also 0.4 percent lower, although stocks within the sector were mixed. Department store chain Matsuzakaya dropped by 1.5 percent to ¥933. On the other hand, convenience store chain Circle K Sunkus added 3.3 percent on the day to ¥2,690.

Steel and non-ferrous metals sectors were each 3 percent higher on the day, helped out by higher commodities prices. Mitsui Mining & Smelting and Sumitomo Metal Mining each added 4.7 percent, to ¥817 and ¥1,602 respectively. Nippon Steel, meanwhile, gained 4.4 percent to ¥428.

In the consumer finance sector, Aiful dropped 10.4 percent to ¥6,110 after it said that its annual profits were down last year and that they would probably fall further this year after it was forced by government regulators to shut down for a period earlier in the month.

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Permalink: Tokyo markets up on steel, miners

Filed under: Equities, Economy, Asia, Japan

Tokyo equities markets were down on Monday as export-dependent sectors continued to be hurt by the yen’s strength in relation to the US dollar. The Nikkei 225 declined by 0.7 percent to 16,486.91, while the Topix index lost 0.4 percent to 1,681.81. Also contributing to the day’s declines were sharp drops on Wall Street last Friday.

The automobile manufacturing sector was down on the day. Toyota’s shares fell for the sixth trading day in a row, dropping 1.9 percent to ¥6,250. Banc of America Securities cut its rating on Toyota’s US-listed shares from “buy” to “neutral” on Friday and criticized the carmaker’s ability to expand as much as it needs to. Elsewhere in the sector, Nissan declined by 1.7 percent to ¥1,428, while Honda was down 1.2 percent to ¥7,760.

Camera-maker Canon, also dependent on exports, was down 3.5 percent on the day to ¥8,370. Meanwhile, in the electronics sector, Toshiba dropped 1.7 percent to ¥735.

Softbank was the most actively traded stock on the day, helped by reports that it is joining with Apple Computer to develop a mobile phone with a built-in iPod player. Shares in Softbank were up 2.6 percent to ¥3,000.

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Permalink: Exporters lead Tokyo lower again

Filed under: Equities, Economy, Asia, Japan

In Tokyo on Friday, the Nikkei 225 was down 1.5 percent to 16,601.78, for its fourth losing day in a row. Meanwhile, the Topix index dropped 1.4 percent to 1,688.18. Many of the declines came in sectors that depend on exports as the US dollar continued its decline in the relation to the yen, which was at ¥109.95 versus the greenback at one point in Asian trade during the day.

Among electronics companies, NEC lost 4.9 percent to ¥741 after it revealed that its net profits were down 84 percent in the period January to March due to problems in its semiconductor and mobile phone units. Consumer electronics giant Sony was down 2.2 percent to ¥5,330.

Automobile manufacturers were also down on the day. Toyota saw losses for the fifth day in a row, losing 2.6 percent on Friday to ¥6,370 even though it announced earlier in the week that full-year net profits were at record highs. Elsewhere in the sector, Honda dropped 1.6 percent to ¥7,850, while Nissan declined by 1.8 percent to ¥1,452.

Bucking the losing trend, camera manufacturer Canon added 2 percent to ¥8,670 on Friday after Thursday’s announcement that it will do a three-for-two stock split and that its dividend will rise to ¥110.

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Permalink: Exporters take Tokyo markets lower

Filed under: Equities, Economy, Asia, Japan

Equities markets in Tokyo saw declines on Wednesday amid a round of profit-taking as investors awaited the decision on interest rates from the US Federal Reserve. The Nikkei 225 dropped 1.4 percent to 16,951.93, while the Topix index lost 1.3 percent to 1,725.06. Export-dependent shares were especially hard-hit by the weakening dollar.

Camera makers were hard-hit. Nikon dropped 2.2 percent to ¥2,230, while Konica Minolta was down 2.7 percent to ¥1,470.

Kyocera, which manufactures electronics parts, declined by 2.6 percent to ¥10,110.

Japan Air Lines was down 1.9 percent to ¥305 after it said it had lost ¥47.2 billion in the fiscal year ending in March. The air carrier, which has had its reputation harmed by several safety problems, had been expected to lose about that much. While the number of group passengers using the airline grew during the year, individual passenger traffic was down.

In the automobile manufacturing sector, Toyota dropped 0.7 percent to ¥6,680. After the market closed for the day the carmaker said that its net profits were up 17 percent in the last fiscal year but that they would likely be down 4.4 percent in the current fiscal year due to currency fluctuations and high prices for raw materials.

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Permalink: Tokyo markets down on export sectors

Filed under: Equities, Economy, Asia, Japan

The Tokyo equities markets were up on Monday after last week’s break for the Golden Week holiday. The Nikkei 225 added 0.8 percent to 17,291.67 and the Topix index was up 1 percent to 1,755.03. Most of the gains were in domestic sectors, as banks were up 1.9 percent as a whole, while the real estate sector gained 4.6 percent and securities added 3.6 percent.

The gains in real estate came after the Bank of Japan released data showing that property prices in Japan were up for the first time in 15 years. Mitsui Fudosan added 6.7 percent to ¥2,690, while Sumitomo Realty & Development gained 5.9 percent to ¥3,210 and Mitsubishi Estate was up 3.2 percent to ¥2,565.

In the securities sector, Nomura gained 3.3 percent to ¥2,670, while Daiwa Securities added 4.3 percent to ¥1,665.

Among banks, Mitsubishi UFJ was up 2.2 percent to ¥1,840,000.

Sectors more focused on exports had a harder time on the day. Japan’s largest automobile manufacturer, Toyota, dropped 0.6 percent to ¥6,760.

Consumer electronics were mixed, with Sharp down 1.2 percent to ¥2,020 but Sony rising 2 percent to ¥5,660.

Steelmakers and miners had a better day of it. In the steel sector, Sumitomo Metal Industries added 2.3 percent to ¥497, while JFE gained 2.9 percent to ¥4,620. Non-ferrous metals company Mitsui Mining & Smelting was up 4.2 percent to ¥847. Toho Zinc added 3.4 percent to ¥1,149.

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Permalink: Tokyo back from holiday with gains

Filed under: Equities, Economy, Asia, Japan

The Tokyo equities indexes saw little movement on Monday, while some individual share prices showed distinct movement after a number of companies reported earnings results on Friday. The Nikkei added 0.1 percent by the close of trade on Monday to 16,925.71. The Topix index was close to unchanged at 1,717.17.

The real estate sector was down by 1.7 percent on the day after its largest company, Mitsui Fudosan, reported its full-year results by declaring a record net profit. Despite those profits, its forecast of a lower than expected 11 percent net profit for the 2006/2007 fiscal year bothered investors enough to send Mitsui’s share price down 2.2 percent on the day to ¥2,495. Mitsubishi Estate was also down, by 1.4 percent to ¥2,455.

The electronics sector was mixed. Toshiba added 3.4 percent to ¥750 on a 70 percent increase in net profits in the 2005/2006 fiscal year. Goldman Sachs issued an upgrade from “inline” to “outperform” on Toshiba’s shares. Sony, however, dropped 4.5 percent to ¥5,460 on top of Friday’s 5.1 percent decline after Thursday’s weak profits forecast.

Japan Tobacco lost 2.8 percent to ¥445,000 on a prediction that operating profits in 2006/2007 will be down.

Even though it reported record net profits in 2005/2006, securities house Nomura dropped 1.9 percent to ¥2,525, while the sector as a whole dropped by 1.8 percent.

Gains came in the utilities and pharmaceuticals sectors. Tokyo Electric Power gained 3.2 percent to ¥3,020. Meanwhile Japan’s largest pharmaceuticals company, Takeda, added 1.7 percent to ¥7,080.

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Permalink: Real estate, securities lower in Tokyo

Filed under: Equities, Economy, Asia, Japan

The Tokyo equities markets were down significantly on Friday as some export-dependent stocks and commodities both saw declines due to the strength of the yen and higher interest rates in China. The Nikkei 225 dropped 1.2 percent to 15,906.23, while the Topix index was down 0.8 percent to 1,716.43.

The automobile manufacturing sector was down on the day, with Honda losing 1.1 percent to ¥8,090, while Toyota - Japan’s largest carmaker - dropped 0.2 percent to ¥6,660.

Electronics companies, which also export large numbers of goods, were mixed on the day. Consumer electronics giant Sony was down 5.1 percent to ¥5,720 even though its 2005/2006 profits were reported to be higher than had been anticipated. The decline on the day was said to be due to a lower earnings forecast for the 2006/2007 fiscal year.

On the other hand, consumer electronics manufacturer Pioneer and electronics parts maker TDK both posted gains on the day. Pioneer was up 2.5 percent to ¥2,015 on smaller than expected losses for the 2005/2006 fiscal year and an outlook that predicted a return to profitability this year. Meanwhile, TDK added 2.8 percent to ¥9,530 on a strong earnings report for 2005/2006 and a prediction of further growth in 2006/2007.

The steel sector saw losses on the day amid continued concern that higher interest rates in China will cut demand. JFE dropped 1.3 percent to ¥4,420 while Nippon Steel declined by 1.2 percent to ¥420.

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Permalink: Tokyo markets fall

Filed under: Equities, Economy, Asia, Japan

The Tokyo equities markets were slightly higher on Thursday as a result of positive corporate earnings reports during the week. The Nikkei added 0.3 percent to 17,114.54 and the Topix index gained 0.4 percent to 1,729.37. Both domestic and export-dependent sectors saw advances on the day.

Automobile manufacturer Honda, reported record net profits for the fifth year in a row due to rising sales in the United States as well as on a weaker yen and a gain related to pensions. Shares were up 5.3 percent on the day to ¥8,180 as the company said it would do a two-for-one share split on July 1 in order to increase liquidity.

In the securities sector, Daiwa Securities reported on Wednesday that its quarterly profits had tripled, sending shares up 3.1 percent to ¥1,577. Meanwhile, internet brokerage Monex Beans added 4.3 percent to ¥146,000 on a quarterly report which showed that profits had doubled in the quarter.

Consumer electronics manufacturer Sharp was up 1.5 percent to ¥2,045 on higher quarterly profits due to higher sales in LCD televisions and cellphones.

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Permalink: Tokyo markets up on earnings reports

Filed under: Equities, Economy, Asia, Japan

The Tokyo equities markets recovered on Tuesday, as the Nikkei 225 added 0.33 percent on the day to 16,9790.29 and the Topix index was up 0.52 percent to 1,719.73. The Nikkei had lost 500 points on Monday, its largest one-day decline this year, on worries about a strengthening yen.

The banking sector was up on the day, with Mitsubishi UFJ gaining 1.7 percent to ¥1.83 million, while Mizuho added 0.8 percent to ¥984,000. The gains were attributed to investors who felt that domestic stocks were more likely to benefit from the Japanese economy’s recovery.

After earlier declines, the consumer finance sector was also higher on the day as investors wondered it the government will be willing to go through with new, lower limits on how much interest rates these lenders can charge. Aiful was up 6.17 percent on the day to ¥6,710, while Aicom added 5.7 percent and Promise gained 3.2 percent.

Export-oriented companies generally saw declines on the day. Among carmakers, Honda dropped 1 percent to ¥7,740 and Nissan dropped 2.1 percent to ¥1,443. Copier and camera maker Canon lost 2.9 percent to ¥8,400, while chip testing equipment maker Advantest was down almost 2 percent to ¥13,240. Most of these declines had to do with the strengthening of the yen, which hit a three-month high of ¥114 versus the US dollar.

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Permalink: Domestics take Tokyo markets higher

Filed under: Equities, Economy, Asia, Japan

The Tokyo equities markets were lower on Monday as investors worried about higher oil prices and a declining dollar in relation to the yen. The Nikkei 225 was down 2.8 percent on the day to 16,914.40 while the Topix index was 2.6 percent lower, closing at 1,710.76. Despite the drop in the dollar, exporters did no worse than domestic stocks.

Transport equipment and electrical machinery were two of the export-sensitive sectors to see big declines, dropping 2.7 percent and 2.5 percent respectively. Toyota dropped 2.8 percent to ¥6,710, for example. NEC dropped 4.5 percent to ¥834 when it warned of lower profits, while Hitachi was down 4.2 percent to ¥841, Sony fell 2.9 percent to ¥5,970, and Sharp declined by 2.4 percent to ¥2,015.

In domestic sectors, consumer finance companies were down again after the expected announcement that a government panel has proposed a drop in the maximum rate of interest the companies can charge on loans. OMC Card dropped 11.3 percent to ¥1,690 after one of its subsidiaries was told to suspend operations because it had violated rules on lending. Elsewhere in the sector, Credit Saison was down 4.4 percent to ¥5,670 and Takefuji lost 2.5 percent to ¥7,030.

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Permalink: Exporters, domestic sectors lower in Tokyo