14/09/2007 11:38
Japanese shares rose sharply on Friday as export-focused sectors got a boost from a pullback in the yen.
By late afternoon in Tokyo the yen was at Y115.1 to the dollar, similar to the levels of a week ago before poor US jobs figures sent the dollar plummeting against the yen.
The Nikkei 225 finished the day up 1.9 per cent at 16,127.42 while the Topix rose 1.4 per cent to 1,544.71.
The stock market seemed unmoved by domestic political turmoil. Several candidates have emerged who are likely to tussle to replace Shinzo Abe, who resigned suddenly as premier on Wednesday.
Sony, the consumer electronics and entertainment company and one of Japan’s biggest exporters, climbed 2.1 per cent to Y5,420. Nintendo, its big rival in the games console business, jumped 5.6 per cent to Y55,100 after news of strong August sales of its Wii console in the US, far outpacing Sony’s PlayStation 3.
Matsushita Electric Industrial, the world’s biggest consumer electronics maker under the Panasonic brand, surged 3.9 per cent to Y2,045, boosted by yen weakness and a Goldman Sachs upgrade to “buy” from “neutral”. Goldman cited the likelihood of improved sales of its plasma display panels.
Sapporo, the brewer, leapt 7.3 per cent to Y742 after speculation US hedge fund Steel Partners may be making a bid. Sapporo said Warren Lichtenstein, the head of Steel Partners, had met executives and asked questions. In February the hedge fund had said it might launch a tender offer to raise its stake to two thirds.
By late afternoon in Tokyo the yen was at Y115.1 to the dollar, similar to the levels of a week ago before poor US jobs figures sent the dollar plummeting against the yen.
The Nikkei 225 finished the day up 1.9 per cent at 16,127.42 while the Topix rose 1.4 per cent to 1,544.71.
The stock market seemed unmoved by domestic political turmoil. Several candidates have emerged who are likely to tussle to replace Shinzo Abe, who resigned suddenly as premier on Wednesday.
Sony, the consumer electronics and entertainment company and one of Japan’s biggest exporters, climbed 2.1 per cent to Y5,420. Nintendo, its big rival in the games console business, jumped 5.6 per cent to Y55,100 after news of strong August sales of its Wii console in the US, far outpacing Sony’s PlayStation 3.
Matsushita Electric Industrial, the world’s biggest consumer electronics maker under the Panasonic brand, surged 3.9 per cent to Y2,045, boosted by yen weakness and a Goldman Sachs upgrade to “buy” from “neutral”. Goldman cited the likelihood of improved sales of its plasma display panels.
Sapporo, the brewer, leapt 7.3 per cent to Y742 after speculation US hedge fund Steel Partners may be making a bid. Sapporo said Warren Lichtenstein, the head of Steel Partners, had met executives and asked questions. In February the hedge fund had said it might launch a tender offer to raise its stake to two thirds.
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