Surprises of Tokyo stocks
Tokyo stocks rose Friday as bargain hunting of shares related to the domestic economy helped offset losses by technology stocks. The U.S. dollar was down against the Japanese yen. The Nikkei Stock Average of 225 issues ended up 80.26 points, or 0.72 percent, to 11,209.59 points Friday. On Thursday, the benchmark fell 0.69 point, or 0.01 percent. The dollar was quoted at 109.19 yen at 3 p.m. (0600 GMT) Friday, down 0.92 yen from late Thursday in Tokyo and below the 109.33 yen it bought in New York later that day. In a day of lethargic pre-weekend trading, the market managed to squeak out gains from domestic demand-related shares, including real-estate, retail and banking issues. Bargain hunters picked up Sumitomo Realty and Mitsui Fudosan, as well as retailers Aeon and Ito-Yokado Friday. Major banks Mizuho Holdings, Sumitomo Mitsui Financial Group and Mitsubishi Tokyo Financial Group also ended higher. Technology stocks, however, weighed on the advance after losses among their U.S. counterparts overnight. Investors did not react immediately to an increase in Japan's unemployment rate for the first time since January, informs the Star Online. According to Forbes, Tokyo stocks opened slightly lower Monday as Sony and stock brokerage Nikko Cordial fell. The U.S. dollar was up against the Japanese yen. The Nikkei Stock Average of 225 issues dropped 28.29 points, or 0.25 percent, at the start of trading. On Friday, the benchmark rose 80.26 points, or 0.72 percent. The dollar was quoted at 109.65 yen at 9 a.m. local time Monday, up 0.21 yen from late Friday in Tokyo and above the 109.63 yen it bought in New York later that day. Sony and stock brokerage Nikko Cordial dragged the overall market down, outweighing modest gains posted by selected banks and other high-technology shares. Sony lost 1.3 percent shortly after the market open, while Nikko Cordial, Japan's third largest brokerage, declined 0.6 percent. Banks Resona Holdings and Mizuho Trust gained, while Toshiba was also higher. In New York on Friday, shares rose after a better-than-expected gross domestic product reading. In the bond market, the yield on Japan's benchmark 10-year government rose to 1.5800 percent from 1.5700 percent Friday. Its price fell 0.09 point to 102.71. Japan's benchmark Nikkei stock index hit a one-month closing high Friday due to broad-based buying in late-afternoon trading prompted by some large-lot repurchases by overseas investors. The 225-issue Nikkei Stock Average rose 80.26 points to close at 11,209.59, marking its highest closing since Aug 2, when it ended at 11,222.24. The broader Tokyo Stock Price Index of all First Section issues climbed 7.72 points to 1,137.78, continuing its rise for the ninth straight session, reports Japan Today.
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