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Monday 06th of October 2008
March 29, 2006

Tokyo markets rise on real estate


by Elaine Frei

Equity markets in Tokyo were up on Wednesday as the yen weakened but confidence in Japan’s economic recovery strengthened. The Nikkei 225 closed out the day up by 1.5 percent to 16,938.41, its highest ending level in five years, while the Topix index added 1.1 percent to end the session at 1,711.54.

The real estate sector was up again, with Tokyu Land and Mitsubishi Estate each gaining 1.7 percent, to ¥1,022 and ¥2,715 respectively, while NTT Urban Development added 2 percent to ¥983,000. A national land price survey showed that prices have risen in Tokyo, Osaka, and Nagoya for the first time in 15 years.

Banking was also up on the day, by 1.3 percent as a sector. Mitsubishi UFJ added 1.8 percent to ¥1,171,000.

An increase in the price of crude oil sent shares in upstream oil companies up. AOC added 5.1 percent to ¥2,165, while Japan Petroleum Exploration gained 4.2 percent to ¥7,240.

Export-dependent companies benefited from the rise in the value of the dollar after the US Federal Reserve again raised interest rates. NEC added 2.6 percent to ¥776, while Matsushita Electrical, which makes the Panasonic brand, gained 2.3 percent to ¥2,635. Toshiba advanced by 2 percent to ¥672. Sony was up 1.9 percent to ¥5,370.

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