Tokyo Stocks Up on Real Estate, Retailers


TOKYO (Reuters) - Japanese stocks advanced by mid morning on Monday as growing confidence over the country's economic outlook lifted retailers and real estate firms such as Mitsubishi Estate Co. The market's overall gains were capped, however, as exporters fell on the dollar's weakness against the yen. The Nikkei average rose 0.32 percent to 11,474.49 by 1932 EST and the broader TOPIX index put on 0.26 percent to 1,148.62. Both indices extended gains made on Friday after government data showed Japan's core private-sector machinery orders surged a much bigger-than-expected 19.9 percent in November from a month earlier. "The data came in a good timing as investors, especially foreign players, were seeking an outcome good enough to convince them that Japan's deflation is coming closer to an end...although we can't be too optimistic with just one piece of data," said Yasuo Yabe, director of sales at Meiwa Securities. "Considering the dollar's weaker trend, buyers will likely target domestic stocks that are less affected by currency risks." Mitsubishi Estate, Japan's second-largest real estate firm, climbed 3.78 percent to 1,289 yen. It had also jumped 3.8 percent on Friday after an industry report showed the overall office vacancy rate in central Tokyo fell to 6.1 percent in December from 6.4 percent in November. Aeon Co., Japan's biggest retailer by sales, jumped 2.14 percent to 1,811 yen and smaller rival Ito-Yokado Co. added 0.71 percent to 4,250 yen. But exporters fell after the dollar weakened to 101-yen level in New York on Friday before trading recently at 102.11 yen on Monday. Office machine maker Canon Inc., which generates about three quarters of its sales overseas, fell 0.92 percent to 5,380 yen.
Quelle "Tokyo Stocks Up on Real Estate, Retailers" : reuters.com

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