Most Japanese stocks climbed, led by banks and retailers, on expectations monetary easing by the Bank of Japan will boost domestic demand. Electronics makers dropped as the yen strengthened.
Mizuho Financial Group Inc., Japan’s third-biggest publicly traded bank, rose 1.6 percent. Aeon Co., Japan’s second-largest retailer, jumped 6 percent after boosting its full-year profit forecast. Sumitomo Realty & Development Co., Japan’s No. 3 developer, gained 1.6 percent. Kawasaki Kisen Kaisha Ltd, the nation’s third-largest shipping line, rose 2.2 percent after an index of cargo rates gained. Advantest Corp., the world’s biggest maker of chip testers, slid 1.8 percent.
The Topix was little changed at 843.66 as of 2:13 p.m. in Tokyo, with more than eight stocks rising for every seven that fell. The Nikkei 225 Stock Average slid 0.3 percent to 9,658.30, after rising as much as 0.3 percent.
“There’s a sense of expectation that the money-easing will boost domestic demand and the economy,” said Naoki Fujiwara, a fund manager in Tokyo who helps oversee $6 billion at Shinkin Asset Management Co. “The stronger yen against the dollar is weighing on the stock market.”
The Topix has dropped 15 percent from its high this year on April 15 as Europe’s debt crisis, China’s steps to curb property prices and concern about the pace of U.S. economic growth weakened confidence in a global recovery. Stocks in the index trade at 15.1 times estimated earnings on average, compared with 13.8 times for the S&P 500 and 12.1 times for the Stoxx Europe 600 Index.
On Oct. 5, the Bank of Japan cut its overnight call rate target to a range of zero to 0.1 percent from 0.1 percent and established a 5-trillion-yen ($60 billion) fund to buy government bonds and other assets including real-estate investment trusts.
The yen appreciated to 82.77 against the dollar at about 1 a.m. today in Tokyo from 83.13 at the close of stock trading yesterday. That’s the strongest level since May 1995 and compares with the 82.88 reached on Sept. 15, the day Japan’s government said it intervened in the foreign-exchange market to weaken the currency for the first time since 2004.
-- Editors: Sam Waite.
To contact the reporter for this story: Norie Kuboyama in Tokyo at nkuboyama@bloomberg.net
To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net.
http://jodnet.blogspot.com
Mizuho Financial Group Inc., Japan’s third-biggest publicly traded bank, rose 1.6 percent. Aeon Co., Japan’s second-largest retailer, jumped 6 percent after boosting its full-year profit forecast. Sumitomo Realty & Development Co., Japan’s No. 3 developer, gained 1.6 percent. Kawasaki Kisen Kaisha Ltd, the nation’s third-largest shipping line, rose 2.2 percent after an index of cargo rates gained. Advantest Corp., the world’s biggest maker of chip testers, slid 1.8 percent.
The Topix was little changed at 843.66 as of 2:13 p.m. in Tokyo, with more than eight stocks rising for every seven that fell. The Nikkei 225 Stock Average slid 0.3 percent to 9,658.30, after rising as much as 0.3 percent.
“There’s a sense of expectation that the money-easing will boost domestic demand and the economy,” said Naoki Fujiwara, a fund manager in Tokyo who helps oversee $6 billion at Shinkin Asset Management Co. “The stronger yen against the dollar is weighing on the stock market.”
The Topix has dropped 15 percent from its high this year on April 15 as Europe’s debt crisis, China’s steps to curb property prices and concern about the pace of U.S. economic growth weakened confidence in a global recovery. Stocks in the index trade at 15.1 times estimated earnings on average, compared with 13.8 times for the S&P 500 and 12.1 times for the Stoxx Europe 600 Index.
On Oct. 5, the Bank of Japan cut its overnight call rate target to a range of zero to 0.1 percent from 0.1 percent and established a 5-trillion-yen ($60 billion) fund to buy government bonds and other assets including real-estate investment trusts.
The yen appreciated to 82.77 against the dollar at about 1 a.m. today in Tokyo from 83.13 at the close of stock trading yesterday. That’s the strongest level since May 1995 and compares with the 82.88 reached on Sept. 15, the day Japan’s government said it intervened in the foreign-exchange market to weaken the currency for the first time since 2004.
-- Editors: Sam Waite.
To contact the reporter for this story: Norie Kuboyama in Tokyo at nkuboyama@bloomberg.net
To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net.
http://jodnet.blogspot.com
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