Nikei 225 rises despite shrinking Japanese economy

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© scanpix/AP
Japanese shares fell after data showed the nation's economy, as the GDP shrank an annualized 3.5% in the third quarter and banks forecast another contraction in the fourth quarter on falling exports and weak domestic demand. The equities rose earlier as U.S. employment data topped estimates. Moreover, the improvements in the stock market are capped by a slowdown in the yen's depreciation and low volume.

Regardless of a fall in the broader Topix index, the Nikkei 225 index slightly increased by 0.07% to 9,533.75, yet having below the 30-day average trading volume. Only three out of ten industries advanced with the biggest increase in Consumer Services and Health care, up 0.88% and 0.55%, respectively. The best performing company was Sumco Corporation that jumped 17% as the wafer maker's price target was raised at Bank of America Merill Lynch. Among other top performers were Sharp Corporation and Nippon Sheet Glass by soaring 5.6% and 5%, subsequently. Meanwhile, Tokyo Electric Power was the biggest loser with 6% decline, and Sharp Corporation tumbled 5.6% after it closed at the highest level since August 30 last week.
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