Friday, 31 July 2015 14:42
TOKYO: Tokyo stocks closed 0.30 higher on Friday despite lacklustre Japanese economic data, as investors awaited company results on the busiest day of earnings season.
The Nikkei 225 index rose 62.41 points to 20,585.24, while the Topix index of all first-section issues was up 0.75 percent, or 12.31 points, to 1,659.52.
More than 300 companies listed on the Topix will report quarterly results Friday.
Honda closed up 1.53 percent at 3,979.5 yen just before the automaker announced its net profit in the April-June quarter jumped 19.6 percent thanks to cost-cutting efforts and a weak yen.
Struggling electronics maker Sharp ended flat at 164 yen before announcing its net loss widened in the three months to June.
“We’re able to confirm the (good) quality of the earnings so far, which have come in roughly within the expected range,” said Mitsuo Shimizu, deputy general manager at Japan Asia Securities Group.
“However, today is the peak of the earnings season, and investors may want to scrutinise results further,” he told Bloomberg News.
Of the 598 firms that have reported this season, 59 percent exceeded profit expectations, an improvement from the 48 percent that beat forecasts in the previous quarter, according to Bloomberg.
Japan Airlines shares rose 1.84 percent to 4,680 yen after the carrier said net profit in the April-June quarter more than doubled thanks to a jump in tourist arrivals and a drop in fuel costs.
Sony sank 1.45 percent to 3,533 yen despite announcing its April-June net profit more than tripled as videogames and smartphone component sales got a lift.
Heavily weighted Fast Retailing, the operator of Uniqlo clothing stores, fell 0.90 percent to 61,370 yen.
In forex trading, the dollar edged down to 124.08 yen from 124.15 yen in New York.
