"The stock markets are being swayed by the currency"
- Naoki Fujiwara, a fund manager at Shinkin Asset Management Co.
Japan year-on-year retail sales advanced 1.9 per cent in January, after increasing 2.5 per cent in December, announced the Ministry of Economy, Trade and Industry on Tuesday. Sales were boosted by surge in demand for cars.
"The Japanese automotive association predicts that domestic car sales in 2012 will reach 5 million, up 19% year-on-year due to subsidy and normalization of the supply chain disruption," said Takuji Okubo of Societe Generale in Tokyo.
Japanese stocks edged higher on Tuesday. The Nikkei 225 added 0.92%, or 88.59 points, to 9,722.52. The broader Topix gained 0.39%, or 3.23, to 838.48.
"The stock markets are being swayed by the currency," said Naoki Fujiwara, a fund manager at Shinkin Asset Management Co. in Tokyo. "They are buying back shares as the yen weakens from just 80 yen."
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