japanese Stocks May Climb on Weaker Yen; Seven & I Could Drop
By Patrick Rial
April 13 (Bloomberg) --
Japanese stocks may advance after the yen fell to a record low against the
euro, boosting the value of overseas sales for companies such as Canon Inc.
Mitsubishi Corp. may pace gains by trading companies after the price
of crude oil jumped in New York.
``The yen fell to the cheapest ever against the euro and that should
have a positive impact on company earnings,'' said Soichiro Monji, who helps
oversee about $47 billion at Daiwa SB Investments Ltd. in Tokyo. ``The rising
price of oil will spark some interest in trading companies and oil producers.''
Nikkei 225 Stock Average futures expiring in June last traded in
Chicago at 17,625, up from the close of 17,520 in Osaka and 17,530 in Singapore
yesterday. The Bank of New York Japan ADR Index, which tracks the nation's
American depositary receipts, climbed 0.2 percent.
Property developers may advance after the Nikkei newspaper said Morgan
Stanley will buy 13 hotels in Japan from All Nippon Airways Co. for about 280
billion yen ($2.35 billion), boosting confidence that real estate prices will
rise.
Retailers may slip after Seven & I Holdings Co. profit missed the
company's forecast and Fast Retailing Co. lowered its net income forecast for
this year.
Yesterday, the Nikkei dropped 0.7 percent to 17,540.42 and the Topix
index lost 0.7 percent to 1726.18.
To contact the reporter for this story: Patrick Rial in Tokyo at
[EMAIL PROTECTED] .
Last Updated: April 12, 2007 18:41 EDT
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