Nikkei down as yen strengthens

Source: Dukascopy Bank SA
Japanese equities traded red on Friday as the Yen appreciated against the Dollar weighing on the blue-chip companies dependent on exports. The Nikkei 225 Index declined 0.5%, or 64.02 points, to 13,485.14, yet close to its highest value in 20 months. Japanese electric companies were among the top performers, as the utility sector surged 2.9%. Tokyo Electric Power Co Inc jumped 15.9% to 409 yen, as SMBC Nikko Securities Inc. announced that it has positive expectations on the electric industry's earnings. Kansai Electric Power CO Inc. and Chubu Electric Power Co Inc. followed with a 14% advance and an 8.4% rise to trade at 1,177 yen and 1,360 yen, respectively. Meanwhile, Chiyoda Corp, an engineering company, lost 10.6% to 974 yen, as Woodside Petroleum ceased plans to invest $40 billion in a gas extraction project in Australia, where Chiyoda Corp was the partner. Furthermore, Seven & I Holdings Co Ltd retreated 4.2% to 3,625 yen and closed slightly below its highest value since 2007. Yokogawa Electric Corp closed with a 3.4% decline to 915 yen.
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