Japanese stocks rose to a five-month high Monday morning on hopes for upward earnings outlook revisions by exporters.
October 23, 2006 (Press Release) --
Japanese stocks rose to a five-month high Monday morning on hopes for upward earnings outlook revisions by exporters.
The benchmark Nikkei 225 index was up 99.48 points, or 0.60 percent, at 16,751.11 on the Tokyo Stock Exchange at midday -- its highest level since closing at 16,862.14 points on May 11.
The Nikkei gained ground on hopes for upward earnings outlook revisions by exporters amid a weakening of the yen against the U.S. dollar, traders said. A weaker yen tends to make Japanese products more competitive overseas.
Gainers included automakers, electronics companies, banks and real estate developers.
However, traders said they expect the Nikkei to retreat before major companies begin releasing earnings reports for the first half of the fiscal year on Wednesday afternoon.
Machinery maker Komatsu Ltd. was down after U.S. competitor Caterpillar Inc. sharply reduced its profit forecast for the full year on an anticipated sales slowdown in 2007.
The broader Topix index, which includes all shares on the exchange's first section, was up 10.23 points, or 0.62 percent, at 1,654.38 at midday.
In currencies, the U.S. dollar was trading at 118.77 yen on the Tokyo foreign exchange market at 11 a.m. (0200 GMT) Monday, up from 118.65 yen in New York late Friday. The euro fell to US$1.2614 from US$1.2620.
The yield on Japan's 10-year government bond rose to 1.8200 percent from Friday's close of 1.7950 percent. The yield fell to 98.99 from 99.20.
Source: http://biz.yahoo.com/
The benchmark Nikkei 225 index was up 99.48 points, or 0.60 percent, at 16,751.11 on the Tokyo Stock Exchange at midday -- its highest level since closing at 16,862.14 points on May 11.
The Nikkei gained ground on hopes for upward earnings outlook revisions by exporters amid a weakening of the yen against the U.S. dollar, traders said. A weaker yen tends to make Japanese products more competitive overseas.
Gainers included automakers, electronics companies, banks and real estate developers.
However, traders said they expect the Nikkei to retreat before major companies begin releasing earnings reports for the first half of the fiscal year on Wednesday afternoon.
Machinery maker Komatsu Ltd. was down after U.S. competitor Caterpillar Inc. sharply reduced its profit forecast for the full year on an anticipated sales slowdown in 2007.
The broader Topix index, which includes all shares on the exchange's first section, was up 10.23 points, or 0.62 percent, at 1,654.38 at midday.
In currencies, the U.S. dollar was trading at 118.77 yen on the Tokyo foreign exchange market at 11 a.m. (0200 GMT) Monday, up from 118.65 yen in New York late Friday. The euro fell to US$1.2614 from US$1.2620.
The yield on Japan's 10-year government bond rose to 1.8200 percent from Friday's close of 1.7950 percent. The yield fell to 98.99 from 99.20.
Source: http://biz.yahoo.com/
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