Japan Stocks Higher, Yen Lower Before Election

Japanese stocks rose ahead of a weekend election as the yen weakened against the dollar and the U.S. reported the biggest jump in retail sales in eight months.

Canon Inc. jumped 4.6 percent after the camera manufacturer said yesterday it will boost its dividend. Dena Co. soared 7.4 percent after JPMorgan Chase & Co. upgraded the gamemaker’s stock. Electronic parts maker Nidec Corp. advanced 4 percent after announcing it will buy a German pump supplier and automotive assets of a Chinese company. Sony Corp. fell 0.7 percent as the fallout from an on-going hacking incident overshadowed the company’s announcement it will sell its game consoles in China next month.

The Topix index advanced 0.8 percent to 1,408.83 at the trading break in Tokyo, paring this week’s loss to 2.6 percent. The Nikkei 225 Stock Average rose 1.3 percent to 17,474.90. The yen lost 0.2 percent to 119.90 per dollar after falling 0.7 percent yesterday as data showed U.S. consumers spent more in November than expected. Crude oil fell below $60 a barrel for the first time since 2009.

Bloomberg

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.