Japanese stocks rose, with the Topix (TPX)
index capping the biggest four-day rally since April, as the yen
weakened after U.S. manufacturing expanded more than expected.
Tokyo Electric (9501) Power Co. surged by its daily limit.
Toyota Motor Corp. (7203), a carmaker that gets 31 percent of
sales in North America, increased 2.8 percent. Tokyo Electric,
the utility at the center of the 2011 nuclear disaster, jumped
19 percent on a report it will apply to restart reactors.
Utilities led gains as all 33 Topix subsectors climbed. Sharp
Corp., an unprofitable TV maker, soared 10 percent.
The Topix increased 1.8 percent to 1,171.84 at the close in
Tokyo, with volume 22 percent below the 30-day average. The
gauge climbed 9.6 percent over the past four trading days, the
most since April 8. The Nikkei 225 Stock Average added 1.8
percent to 14,098.74.
“Earnings at Japanese companies are likely to beat
estimates because their yen forecasts are pretty conservative,”
said Kuninobu Takeuchi, Tokyo-based executive portfolio manager
at DIAM Co., which oversees more than $124 billion globally.
“The yen comes under selling pressure when risk sentiment
improves globally.”
The Topix has fallen 8.2 percent from an almost five-year
high on May 22. The gauge is still up 36 percent this year, amid
optimism Japan may beat deflation and achieve sustainable
growth.
To contact the reporter on this story:
Yoshiaki Nohara in Tokyo at
ynohara1@bloomberg.net
To contact the editor responsible for this story:
Nick Gentle at
ngentle2@bloomberg.net
Japan Stocks Rise for Fourth Day on U.S. Manufacturing Data, Yen
Junko Kimura/Bloomberg
Visitors look at an electronic board displaying stock figures at the Tokyo Stock Exchange in Tokyo.
Visitors look at an electronic board displaying stock figures at the Tokyo Stock Exchange in Tokyo. Photographer: Junko Kimura/Bloomberg
July 2 (Bloomberg) — Jeffrey Roskell, fund manager at JPMorgan Asset Management in Hong Kong, talks about Asian stocks and his investment strategy.
He speaks with Susan Li on Bloomberg Television’s “First Up.” (Source: Bloomberg)
July 1 (Bloomberg) — Nicholas Weindling, executive director at J.P. Morgan Asset Management, talks about Japan’s stocks and investment strategy
Weindling, speaking with Rishaad Salamat on Bloomberg Television’s “On the Move,” also discusses Japan’s economy and government policies. (Source: Bloomberg)
July 1 (Bloomberg) — Masanaga Kono, senior strategist at Amundi Japan Ltd., talks about the Japanese economy and stocks.
Big Japanese manufacturers turned optimistic for the first time since September 2011, indicating confidence in Prime Minister Shinzo Abe’s reflationary policies even after stock market volatility. Kono speaks with Susan Li on Bloomberg Television’s “First Up.” (Source: Bloomberg)
Source Article from http://www.bloomberg.com/news/2013-07-02/japan-stocks-rise-fourth-day-on-u-s-manufacturing-yen.html
