Real-estate stocks once again fueled a surge in the Nikkei 225 Stock Average, which gained over 300 points on the day (2.0%). In an impressive turnaround after 3-straight days down last week, the Nikkei has surged this week going from the 15,100s to the 15,900s with its close today of 15,957.57. The yen did weaken slightly against the dollar presumably helping create some buy interest in exporter stocks however, it's still holding on to its recent strength, now in the low 117s. Real-estate is the theme as land prices are seen rising and foreign buy interest is increasing. Of course stock traders and investors view this as a bullish sign. Now we have to brace ourselves for profit-taking but I stand by what I said earlier, I think we'll see a 16,000+ close for the year.
Nikkei 225: +316.31 (+2.02%) closed at 15,957.57, opened 70+ points higher than prior close of 15,641.26, traded as high as 16,010.17 and as low as 15,711.91
TOPIX: +22.39 (+1.39%) closed at 1,636.38, opened 6 1/2 points higher than prior close of 1,613.99, intra-day high of 1,641.86, low of 1,622.60
JASDAQ: +0.96 (+0.80%) closed at 121.37, traded between 120.70 and 121.95
Today’s ADRs to watch based on earlier trading of underlying shares in Tokyo:
* Advancers: Pioneer (PIO) +4.02%, Millea Holdings (MLEA) +3.98%, Trend Micro (TMIC) +3.54%, Toyota Motor (TM) +3.46%, Kubota (KUB) +3.33%, Advantest (ATE) +2.64%, Nomura Holdings (NMR) +2.33%, Sanyo Electric (SANYY) +2.17%, Kirin Brewery (KNBWY) +2.13%