Japanese shares rose despite weak industrial output

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Source: Dukascopy Bank SA
© Scanpix/AP
Japanese shares moved higher on Monday amid mounting hopes that the POBC will loosen its prudent monetary policy as China's CPI climbed less than expected last month. Capping the upswing of Japanese equities, the national industrial production tumbled more than expected in September. The Nikkei 225 Index jumped 0.51% to end the session at 8,577.93. Six out of ten sectors within the index climbed. The top-gainers were industrials and oil and gas firms. Inpex and JX Holdings added 2.8% and 1.12% despite weak crude oil prices.  Among industrials, Asahi Glass and FANUC gained 1.71% and 1.73% despite rising global growth concerns and strong Yen. Sending Japanese shares lower, telecommunications dropped 3.89%. Softbank plunged to eight-month intraday low, sinking by 5.30%. Softbank slid on speculation that the firm will provide USD8 billion of fresh capital and is planning to acquire about USD12 billion worth of shares from Sprint. The company will finance the deals by taking loans from four banks.






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Mon, 15 Oct 2012 18:01:18 GMT

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