Roundup: Nikkei closes 0.69 pct up, consumer lenders soar
Monday, July 05, 2021 6:17 AM

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TOKYO, Jul. 5, 2010 (Xinhua News Agency) -- Tokyo stocks advanced Monday as investors sought bargains following the markets' recent losses and short-covering in exporters was prompted by a weaker yen against the euro.

The 225-issue Nikkei Stock Average added 63.07 points, or 0.69 percent, from Friday to 9,266.78, meanwhile the broader Topix index of all First Section issues on the Tokyo Stock Exchange rose 5.91 points, or 0.71 percent, to 836.89.

Shares of Japanese consumer lenders jumped Monday following news that strict new regulations on lending may be eased in special deregulated zones in Osaka Prefecture.

The policy may allow higher interest rates for funds to small- to-medium sized businesses and a larger limit on lending to individuals who have the means to pay back unsecured loans, the report in the Mainichi newspaper said.

"The prospect of looser lending restrictions in Osaka is stoking expectations that consumer lenders will once again start to expand," said one local asset manager.

"The yen is taking a breather from its strengthening, and people are buying exporters," she added.

Consumer lender Acom gained by its upper daily limit of 300 yen, or 26 percent, to 1,444 yen, the steepest rise since at least December 1994 and Takefuji Corp. (OOTC:TAKAY) soared 18 percent to 298 yen.

Promise Co., meanwhile, jumped 17 percent to 685 yen and Credit Saison Co. (OOTC:CSASY) gained 9 percent to 997 yen. Aiful Corp. leapt 24 percent to 135 yen and Marui Group Co. (OOTC:MAURF) , a department-store operator and consumer lender, rallied 5.7 percent to 626 yen.

With the yen's relative depreciation against the U.S dollar and the euro, exporters were granted some relief from a strong currency denting their competitiveness abroad and seeing profits eroded when repatriated.

Elpida Memory Inc. advanced 3.2 percent to 1,331 yen, as the maker of computer-memory chips may start making ultra-small dynamic-random-access chips with three Taiwanese companies this month, the Nikkei English News reported.

Casio Computer Co. jumped 4.1 percent to 559 yen, the firm's biggest gain since Dec. 7. The electronics maker plans to buy back as many as 9 million shares, or a 3.2 percent stake, for as much as 5 billion yen (56.84 million U.S. dollars), the company reported.

Meanwhile, Sanyo Electric Co. (OOTC:SANYY) climbed 3.5 percent to 118 yen. The electronics maker is in talks to sell its semiconductor operations to ON Semiconductor Corp. (NASDAQ:ONNN) in the U.S. for between 20 billion yen and 30 billion yen (341 million U.S. dollars), reports claimed.

On Monday some 1.43 billion shares changed hands on the Tokyo exchange's First section, down from Friday's volume of 1.58 billion, with advancing issues outnumbering declining ones by 1, 132 to 400.

 

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