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Japanese Stocks Rise for Second Day on Higher Commodity Prices, U.S. Jobs

by on February 11, 2010

By Masaki Kondo Feb. 12 (Bloomberg) — Japanese stocks rose for a second day after commodity prices gained and fewer-than-anticipated Americans applied for jobless benefits. Mitsubishi Corp. , a trading company that gets 39 percent of its sales from commodities, climbed 3.3 percent. Sony Corp. , which gets 23 percent of its sales from the U.S., advanced 2.2 percent. Asahi Glass Co., Japan’s No. 1 glassmaker, soared 8 percent after forecasting a surge in annual earnings. “With the improving job market, the U.S. is recovering,” said Kenichi Hirano , general manager and strategist at Tokyo- based Tachibana Securities Co. “I don’t think we have to be worried that its economy will lose steam again.” The Nikkei 225 Stock Average rose 1 percent to 10,065.69 as of 9:36 a.m. in Tokyo. The broader Topix index added 0.9 percent to 891.14, with five stocks advancing for every two that fell. Japan’s markets were closed yesterday for a holiday. For the week, both indexes are little changed after three weekly drops. Stocks in the Nikkei 225 trade at 35 times estimated earnings on average, the lowest level since at least April 1, according to data compiled by Bloomberg. The daily value of stocks traded in Tokyo has been lower than the one-year average this week, as investors awaited to see whether the European Union would seek to help Greece manage its budget deficit. European leaders ordered Greece to get its deficit under control and promised “determined” action to protect financial stability in the region, according to a statement from a European Union summit yesterday. European officials “fully” support Greece’s efforts and said the nation hasn’t asked for any financial support, the statement read. Commodity Prices Mitsubishi, Japan’s biggest trading house by market value, jumped 3.3 percent to 2,227 yen, and Mitsui & Co. climbed 3.8 percent to 1,328 yen. Trading companies contributed the most to the Topix’s advance. Copper futures for March delivery surged 4.8 percent in New York yesterday, the most since Aug. 21. Crude oil for March delivery gained 1 percent to $75.28 a barrel, the highest level since Feb. 3. Sony, the maker of the PlayStation 3 game machine, rose 2.2 percent to 3,085 yen. Nikon Corp., a camera maker which counts North America as its biggest market by revenue, advanced 2.6 percent to 1,912 yen. The number of applications for U.S. unemployment benefits dropped more than economists had estimated in the week ended Feb. 6, Labor Department figures showed yesterday. Asahi Glass soared 8 percent to 956 yen, sending its peers to the biggest gain among the Topix’s 33 industry groups. The company said on Feb. 10 that net income will increase by more than fourfold this year, citing a recovery in demand in emerging markets. To contact the reporter for this story: Masaki Kondo in Tokyo at mkondo3@bloomberg.net .

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Japanese Stocks Rise for Second Day on Higher Commodity Prices, U.S. Jobs

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Japanese Stocks Decline on Weaker Dollar Vs. Yen; Asahi Glass Set to Drop

by on November 25, 2009

Bloomberg:

By Masaki Kondo Nov. 26 (Bloomberg) — Japanese stocks retreated, dragging down the Topix index toward its lowest close in seven months, as the dollar traded close to a 14-year low against the yen. Toyota Motor Corp. , a carmaker that gets 31 percent of its revenue in North America, lost 1.8 percent. Sony Corp. , the maker of the PlayStation 3 game machine, fell 1.2 percent. Asahi Glass Co., Japan’s biggest producer of the material, was set to decline after saying it will sell bonds convertible into shares. “The strong yen will curb a further rebound in corporate earnings and weigh on investor sentiment,” said Mitsushige Akino , who oversees the equivalent of $450 million in Tokyo at Ichiyoshi Investment Management Co. The Nikkei 225 Stock Average declined 1 percent to 9,347.36 as of 9:04 a.m. in Tokyo. The broader Topix fell 0.8 percent to 826.44, en route to the lowest close since April 28. The dollar depreciated to as low as 87.21 against the yen today, a level not seen since Jan. 21. On that day, it sank to 87.13, the lowest since July 1995. A weaker dollar reduces the value of overseas sales at Japanese companies when converted into their home currency. To contact the reporter for this story: Masaki Kondo in Tokyo at mkondo3@bloomberg.net .

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Japanese Stocks Decline on Weaker Dollar Vs. Yen; Asahi Glass Set to Drop

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Asian Stocks Rise, Extending U.S. Rally; Asahi Glass, James Hardie Advance

November 5, 2009

By Jonathan Burgos Nov. 6 (Bloomberg) — Asian stocks rose, extending a surge in the U.S., after unemployment claims and worker productivity beat estimates and companies from Asahi Glass Co. to Toyota Motor Corp. boosted forecasts for this year. Asahi Glass, Asia’s largest glassmaker, climbed 5.5 percent in Tokyo, and Toyota, the world’s biggest carmaker, added as much as 1.7 percent after they narrowed their forecast annual losses. James Hardie Industries NV , the top seller of home siding in the U.S., advanced 2.1 percent in Sydney. Pioneer Corp. surged 8 percent after the maker of car-navigation systems said it needs less funds than previously expected as earnings improve. “Investors are likely to buy into exporter shares with the improvements in the U.S. economic data,” said Juichi Wako , a senior strategist at Tokyo-based Nomura Holdings Inc. The MSCI Asia Pacific Index gained 0.50 percent to 115.26 as of 9:50 a.m. in Tokyo, trimming its loss this week to 1 percent. The gauge has slumped 4.8 percent from a 13-month high on Oct. 20 amid concerns the withdrawal of stimulus measures will cause the global recovery to falter. The index is still up 64 percent from a five-year low on March 9. Japan’s Nikkei 225 Stock Average advanced 1 percent to 9,814.95. Australia’s S&P/ASX 200 Index climbed 1.5 percent in Sydney. New Zealand’s NZX 50 Index added 0.5 percent in Wellington. To contact the reporter for this story: Jonathan Burgos in Singapore at jburgos4@bloomberg.net .

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