Tokyo stocks rise sharply, Sony soars
Print Edition
TOKYO stocks closed sharply higher yesterday, as the Bank of Japan’s surprise policy announcement last week stoked hopes for more central bank stimulus, while Sony skyrocketed on upbeat quarterly earnings.
The electronics giant on Friday reported a nine-month net profit of almost US$2 billion, as huge demand for its PlayStation video games console and image sensors found in mobile gadgets help it move past years of losses.
Sony surged 12.4 percent to close at 2,836 yen (US$23.39).
Tokyo’s Nikkei 225 index got a boost, tracking rallies in the US and in Europe as the unexpected BOJ stimulus raised hopes for more central bank moves to lift growth.
The blue-chip Nikkei jumped 1.98 percent, or 346.93 points, to finish at 17,865.23, adding to Friday’s 2.8 percent gain.
The broader Topix index of all first-section shares rose 2.14 percent, or 30.60 points, to 1,462.67.
The BOJ on Friday announced a negative interest rate policy on some deposits, meaning it would effectively start charging lenders to park their cash with it.
The move — intended to ramp up lending to people and businesses in order to kickstart the economy and fend off deflation — spurred a rally across global financial markets and sent the yen tumbling, which is good for Japanese exporters.
In forex markets, the dollar rose to 121.34 yen from 121.12 yen Friday in New York. The greenback was at 118.60 yen on Friday before the BOJ move.
Tokyo investors will also be eyeing a string of corporate earnings this week, with Nintendo, Panasonic, Toshiba and banking giant Mitsubishi UFJ among the firms reporting.
Toyota shares jumped 1.93 percent to 7,339 yen.
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