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Asia: Yen retreat lifts Japanese exporters

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Date: Monday 12 May 2008

LONDON (ShareCast) - The Nikkei rose on Monday, shrugging off an initial decline, as exporter such as Sony and Canon marched higher as the yen fell against the dollar.

The Nikkei 225 Stock Average closed up 88 points at 13,743, off an earlier session high of 13,793.

Konica also cheered investors with a relatively upbeat outlook. The group said it expects a decline of just 1% in operating profit in the first half of the year while many of its rivals have predicted a sharp decline in operating profit.

Oil related stocks such as Nippon Oil powered ahead on the back of record high oil prices while financial services provider Orix soared after it forecast profit ahead of analysts' expectations.

However financials dragged on the market following American International Group’s grim results last week. Mitsubishi UFJ Financial Group was one of the biggest decliners Monday.

Carmakers like Honda shifted down a gear on Monday after Toyota reported disappointing results last week.

There was also a note of caution ahead of key Japanese GDP figures out Friday and a chunk of bank results due this week.

The Hang Seng is closed Monday for a public holiday and will reopen Tuesday.

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