Nikkei surges 2.43% on report of more flexible Chinese yuan (2)

19:07, June 21, 2010      

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On the back of the news, Hitachi Construction Machinery Co. Ltd. , surged 6.7 percent to 1,873 yen and Japan's top construction machinery maker, Komatsu Ltd., climbed 4.6 percent to close at 1, 782 yen.

Both companies advanced as they import their major parts from Japan to be assembled in China.

Japanese shipping lanes rose on the potential for increased traffic to China, with Mitsui O.S.K. Lines Ltd., the nation's No. 2 shipper, jumping 4.5 percent to 671 yen and larger rival Nippon Yusen K.K. gaining 3.1 percent to 363 yen.

Industrial robotics firm Fanuc Inc. leapt 5.5 percent to 11,370 yen on speculation that Chinese manufacturers would seek to invest more in automated production equipment.

Japan's trading houses also advanced Monday on an assumption that there will be an increase in demand for raw materials in China. Mitsubishi Corp., Japan's biggest trading company soared 6. 6 percent to 2,033 yen and smaller counterpart Mitsui &Co. climbed 5.9 percent to 1,210 yen.

Export and tech-related issues performed well as the yen remained relatively weak following China's possible currency moves, with Honda Motor Co. Ltd. advancing 3.7 percent to 2,790 yen and chip tester maker Advantest Corp. rising 5.1 percent to 2,099 yen.

Meanwhile, Canon Inc., the world's largest maker of digital cameras rose 2.8 per cent to 3,885 yen.

Shares of chemicals and materials maker Teijin Ltd. gained 4.8 percent to 282 yen after the Nikkei business daily newspaper said it had developed a new carbon fiber material for automobiles that can be quickly shaped and processed, and could be used in contoured sections of a car's body.

On Monday, some 1.77 billion shares changed hands on the Tokyo exchange's First section, up from 1.55 billion on previous trading day, with advancing issues outnumbering declining ones by 1,469 to 141.

Source: Xinhua
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