News Column

Japanese Market Slightly Higher On Weaker Yen

July 6, 2014



TOKYO (dpa-AFX) - The Japanese stock market is up marginally on Monday, with a slightly weaker yen triggering some buying in early trading. The mood, however, is a bit cautious due to a lack of prominent triggers after a holiday on Wall Street last Friday.

The benchmark Nikkei 225 index is up 13.6 points or 0.1 percent at 15,550.7, after rising to 15,477.8 earlier.

Shares of retailer Aeon Co. are down more than 4 percent after the company reported a 90 percent drop in first-quarter profit.

Pacific Metals, Pioneer Corp., Nippon Sheet Glass and Unitika are declining 2 to 2.5 percent. Nisshin Steel is down nearly 2 percent.

Mitsubishi Materials, Ajinomoto Co Inc., Shiseido Co., Amada Co., Tosoh Corp., Mitsui Mining & Smelting, Terumo Corp., Sojitz Corp. and Taiheiyo Cement are also notably lower.

Among the gainers, Japan Steel Works is adding 3.7 percent. Alps Electric, Sapporo Holdings, UNY Group Holdings and Mazda Motor are moving up 2 to 3 percent.

Toyo Seikan Group Holdings, Tokai Carbon, Dai Nippon Printing, Hitachi Zosen, Mitsui Engineering & Shipbuilding, Kawasaki Kisen Kaisha, Asahi Group Holdings, Daiwa House Industry, Kawasaki Heavy Industries, NH Foods and Tokuyama Corp. are rising 1.2 to 1.8 percent.

On the economic front, preliminary May numbers for Japan's leading and coincident indexes, are due today. The leading index is expected to show a score of 105.9, down from 106.5 in April - while the coincident is called at 111.0, easing from 111.1 a month earlier.

In the currency market, the U.S. dollar traded in the lower 102 yen level in early deals in Tokyo. The yen is currently trading at 102.17 to the U.S. dollar, down from Friday's close of 102.01 yen per dollar.

Among other markets in the Asia-Pacific region, Hong Kong, Shanghai, Singapore and Malaysia are slightly higher, while Australia, New Zealand, South Korea and Taiwan are weak.

The U.S. markets were closed on Friday for Independence Day holiday. Major European markets ended lower. While the German DAX index lost 0.13 percent and the French CAC 40 index declined by 0.42 percent, the U.K.'sFTSE 100 index closed almost unchanged.


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Source: dpa-AFX International Compact


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