ID :
146955
Thu, 10/21/2010 - 16:45
Auther :
Shortlink :
http://m.oananews.org//node/146955
The shortlink copeid
Tokyo Stocks End Morning Higher on Yen's Sharp Fall
Tokyo, Oct. 21 (Jiji Press)--Stocks ended a choppy session slightly
higher on the Tokyo Stock Exchange Thursday morning, helped by the yen's
rapid weakening against the dollar.
At the morning close, the 225-issue Nikkei average stood up 18.91
points, or 0.20 pct, at 9,400.51. On Wednesday, the key market gauge dropped
157.85 points.
But the TOPIX index of all first-section issues was down 3.05
points, or 0.37 pct, at 820.64, after losing 10.04 points the previous day.
The Nikkei opened with a gain of over 60 points but quickly slipped
into negative territory, as worries about the yen's renewed strength in
overseas trading more than offset a boost from a powerful rally of New York
equities, brokers said.
The Dow Jones industrial average jumped 1.18 pct overnight on the
dollar's weakening and robust earnings from U.S. firms such as Boeing. The
dollar hit a new 15-year low of 80.84 yen in New York Wednesday.
After the dollar suddenly surged back above 81.50 yen in Tokyo past
midmorning on a reported remark from U.S. Treasury Secretary Timothy
Geithner, the Nikkei jumped back into positive territory, briefly posting a
gain of nearly 100 points.
Geithner reportedly suggested that he sees no need for the dollar
to fall further against the euro and the yen.
"Investors here reacted more to the yen's moves than to the
performance of U.S. stocks because they are keen to find out how far down
the strong yen would force Japanese companies to revise their full-year
earnings forecasts" when they release their April-September results starting
next week, said Yutaka Miura, senior technical analyst at Mizuho Securities
Co.
"The market has yet to fully factor in the damage from the yen's
rise on corporate earnings," Miura said.
The market was swayed by dollar-yen rate fluctuations also because
of thin trading, another brokerage house official said.
Although additional credit easing in the United States could lead
to a fall of the dollar against the yen, hopes that the step might ease
worries about a global economic slowdown are giving support to the Tokyo
market, an official at a Japanese investment management company said.
On the TSE's first section, losing issues outnumbered winning ones
1,038 to 413 in the morning, while 209 issues were unchanged.
Half-day volume came to 987 million shares.
Many high-tech issues advanced, including Sony, Olympus, Tokyo Electron and Kyocera.
Automakers Toyota and Mazda went up, as did trading houses Marubeni and Mitsui.
Drug maker Eisai also drew selective buying thanks to a newspaper report Thursday on the company's robust earnings.
By contrast, banking groups Mizuho, Mitsubishi UFJ and Sumitomo Mitsui suffered losses, together with insurers Tokio Marine and T&D Holdings.
Selling also hit machinery makers Komatsu and Kubota and utilities such as Tokyo Electric Power.
higher on the Tokyo Stock Exchange Thursday morning, helped by the yen's
rapid weakening against the dollar.
At the morning close, the 225-issue Nikkei average stood up 18.91
points, or 0.20 pct, at 9,400.51. On Wednesday, the key market gauge dropped
157.85 points.
But the TOPIX index of all first-section issues was down 3.05
points, or 0.37 pct, at 820.64, after losing 10.04 points the previous day.
The Nikkei opened with a gain of over 60 points but quickly slipped
into negative territory, as worries about the yen's renewed strength in
overseas trading more than offset a boost from a powerful rally of New York
equities, brokers said.
The Dow Jones industrial average jumped 1.18 pct overnight on the
dollar's weakening and robust earnings from U.S. firms such as Boeing. The
dollar hit a new 15-year low of 80.84 yen in New York Wednesday.
After the dollar suddenly surged back above 81.50 yen in Tokyo past
midmorning on a reported remark from U.S. Treasury Secretary Timothy
Geithner, the Nikkei jumped back into positive territory, briefly posting a
gain of nearly 100 points.
Geithner reportedly suggested that he sees no need for the dollar
to fall further against the euro and the yen.
"Investors here reacted more to the yen's moves than to the
performance of U.S. stocks because they are keen to find out how far down
the strong yen would force Japanese companies to revise their full-year
earnings forecasts" when they release their April-September results starting
next week, said Yutaka Miura, senior technical analyst at Mizuho Securities
Co.
"The market has yet to fully factor in the damage from the yen's
rise on corporate earnings," Miura said.
The market was swayed by dollar-yen rate fluctuations also because
of thin trading, another brokerage house official said.
Although additional credit easing in the United States could lead
to a fall of the dollar against the yen, hopes that the step might ease
worries about a global economic slowdown are giving support to the Tokyo
market, an official at a Japanese investment management company said.
On the TSE's first section, losing issues outnumbered winning ones
1,038 to 413 in the morning, while 209 issues were unchanged.
Half-day volume came to 987 million shares.
Many high-tech issues advanced, including Sony, Olympus, Tokyo Electron and Kyocera.
Automakers Toyota and Mazda went up, as did trading houses Marubeni and Mitsui.
Drug maker Eisai also drew selective buying thanks to a newspaper report Thursday on the company's robust earnings.
By contrast, banking groups Mizuho, Mitsubishi UFJ and Sumitomo Mitsui suffered losses, together with insurers Tokio Marine and T&D Holdings.
Selling also hit machinery makers Komatsu and Kubota and utilities such as Tokyo Electric Power.
