TOKYO – The Nikkei index of the Tokyo Stock Exchange ended in progress by 0.68% to 16,497.85 points.
The Japanese stock market closed a week throughout positive with a new progress, facilitated by the weakening of the yen and the debut of the very convincing messaging companies Line Corp. in the largest technology IPO this year. Investors also seemed reassured by the new record on Wall Street and the data on the Gross Internal Product of China in the second quarter, which showed growth of 6.7% similar to the previous quarter and slightly above the average expectations of analysts.
After the Chinese announcement, the yen weakened to the lowest level in three weeks over portion 106 against the dollar and over 118 euro fee. The Tokyo Stock Exchange is thus managed to climb to five-week highs, with a complete overcoming of the initial shock from Brexit and an increase on a weekly basis around 9 percent.
The initial jump of 48% 4,900 yen on the offering price of 3,300 yen title Line Corp. – treated in the first section of the Tokyo Stock Exchange – signals the return of investors to a strong interest in the technology sector stocks, especially those focused on online for consumers (yesterday to debut in new York the title of Line had closed higher by 27 percent).
it is another testament to the performance of the Nintendo title, spurred by the success of the new video game for Pokemon Go mobile devices, which closes its best week since 1983. the placement of the title line has come down to 5 thousand share and then downsize partially Gains.
financial stocks are rising, on new expectations monetary and fiscal stimulus in Japan and elsewhere. The same Bank of England, although yesterday did not move, reported to be ready to do so in August, while in late July should get news from the Bank of Japan.
A push to ‘ index is the strong purchases of Fast Retailing, after the group announced robust results for the Uniqlo clothing chain for the quarter ended in May (an increase of 18.6% in operating profits). Although Fast Retailing has reduced its estimates for the full year taking inc account the recent appreciation of the yen, Nomura Securities raised to “buy” its recommendation on the title as the overall profitability of the company is on a growth track thanks higher margins. Also stands out the rise in shares of Asahi Glass, which has improved its outlook on the annual net profits of 20%, citing strong demand in Europe.
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