The Nikkei stock average rose 230.83 points on Tuesday as Japans main export market shares increased in response to the ever declining yen.
Sony, Toshiba, Canon and Fast Retailing were among the big movers in the electronic sector, most adding at least 2 percent. Meanwhile, in the auto-production field, Honda and Toyota both gained 1 percent. Mitsubishi UFJ Financial, Japans banking heavyweight, is also on the rise while in the oil area JX Holdings and Inpex lost a percentage point each.
Graham Palm, Executive Vice President at Shizuoka Financial commented, “Having reported five straight months of gains the Nikkei is on course to add a sixth as both central bank support and a weaker yen continue to provide a significant boost to exporters.”
Amid rumours the Canadian wildfires approaching the oil-sands will be halted due to lower temperatures and favourable winds, crude oil futures dropped significantly on Monday. Oil for delivery next month dipped $1.26 or 2.8 percent to $43.68 a barrel on the NYMEX.
Another stock falling is Takata Corporation whose airbags have been ruled faulty and spurred the government to recall over 6 million vehicles in response. The recall will add to the already massive worldwide tally of cars recalled to about 125 million. Takata Shares are currently losing almost 7 percent.
European markets had mixed results at close on Monday. The FTSE dipped slightly by 0.3 percent, the German DAX climbed by 1.2 percent and the French CAC 40 Index jumped by 0.5 percent.
Last week’s currency market saw the greenback trading in the 107 yen-level, increased from the upper 106 yen level at Tokyo’s Monday close.
Wall Street stocks were also mixed at close on Monday, as floor traders looked relatively shy to make any major moves amid the lack of significant U.S. economic data which was supposed to be released the same day.
The Nasdaq added 14.09 points or 0.2 percent to 4,750.23. The Dow dipped 34.36 points or 0.2 percent to 17,705.99 while the S&P 500 creeped up 1.75 points or 0.2 percent to 2,058.73.
