Japan market summary for Thursday (Oct. 11)
Nikkei 225 Stock Average: +281.09 (+1.6%) to 17,458.98
Nikkei 225 futures Osaka: +300 (+1.7%) to 17,530, Singapore (SGX) +265 (+1.5%) to 17,490, Chicago (CME) *10/10 -30 (-0.2%) to 17,280
TOPIX: +19.34 (+1.2%) to 1,677.52; Advancers 1,265 x decliners 362 (unch. 96), New highs 38 x new lows 16; 29/33 sectors posted gains
Jasdaq: +5.98 (+0.3%) to 1,908.42
Yen: mostly flat against the US$ at about the 117.25 level late in Tokyo; weakened 0.4% against the euro to around the 166.50 level
Notes: Emerging stock indices MOTHERS and HERCULES recouped yesterday’s losses and then some, gaining 2.9% and 2.6%, respectively. Stock got a boost on news Moody’s raised Japan’s credit rating one notch to A1, the fifth highest rating, after cutting it four times since assigning Japan a top Aaa grade in 1993. Moody’s senior VP commented that “the commitment by the new government of Prime Minister Yasuo Fukuda to continue a policy of fiscal consolidation” will likely lead to narrower deficits, as reported by Bloomberg.

The Bank of Japan voted 8-1 (of course the lone member in favor was Atsushi Mizuno) to pause again, holding its key interest rate at 0.5%. August machinery orders data released ahead of the BOJ’s decision showed a 7.7% month-over-month decline, worse than economist forecasts for a 6.1% decline. This follows a 17% sequential jump in July (+8% y/y), the most in nearly four years. Year-over-year, August orders were down 2.6%. Separately, Sony Financial Holdings (JP: 8729) debuted on the Tokyo Stock Exchange up 3.75% at Y415,000 over its IPO price. Intra-day Sony Financial climbed as high as Y424,000. Sony (JP: 6758) (ADR: SNE) shares were flat at Y5,780. Nintendo (JP: 7974) (ADR: NTDOY.PK), meanwhile, continued its amazing climb, gaining 5% to Y69,100 and reaching Y69,500 intra-day.