Tokyo Market News: investment market news from the Nikkei and Topix indices
Tokyo Market News: investment market news from the Nikkei and Topix indices

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    August 23, 2007

    Tokyo markets up after interest rate decision

    Filed under: Companies, Mizuho, Toyota, Mitsubishi UFJ, Honda, Mitsubishi, Mitsui & Company, Bridgestone, Sumitomo Mitsui

    In Tokyo on Thursday the markets were higher after the Bank of Japan voted 8 to 1 to hold interest rates at 0.5 percent, as expected.

    The Nikkei 225 gained 2.6 percent to 16,316.32, while the Taiex added 3 percent to 1,591.81 and the Mothers market jumped 5.18 percent to 740.02.

    Exporters were higher as the yen weakened.

    Among carmakers, Toyota Motor (TYO: 7203.T; NYSE: TM; LSE: TYT) was up 2 percent to ¥6,680 and Honda Motor (TYO: 7267; NYSE: HMC) gained 2.5 percent to ¥6,260.

    Tire maker Bridgestone (TYO: 5108) added 5.6 percent to ¥2,445 after it said it will boost production in Indonesian and Indian factories to satisfy demand.

    Among trading companies, Mitsubishi Corp (TYO: 8058; OTC: MSBHY) was up 7.2 percent to ¥3,110 on the announcement of a share buy-back worth ¥150.1 billion, while Mitsui & Co (TYO: 8031) gained 6.8 percent to ¥2,365.

    The banking sector added 4.6 percent as a whole, with Mitsubishi UFJ (TYO: 8306; NYSE: MTU) up 4.6 percent to ¥1,130,000 as Mizuho Financial (TYO: 8411; NYSE: MFG) added 5.2 percent to ¥715,000 and Sumitomo Mitsui (TYO: 8316) gained 5.5 percent to ¥933,000.





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