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Nikkei driven by increased U.S. generation stocks.
Trade slowly with your eyes
Mitsubishi Motors falls 12% after lousy profits
TOKYO, July 28 (Reuters) – Japanese stocks rose Tuesday as semiconductor-related stocks followed an uptick in U.S. generation stocks, while Mitsubishi Motors plummeted to an all-time low after poor profits.
The Nikkei inventory index rose 0.34% to 22,792.76, while the broader Topix gained 0.2% to 1,579.99, as considerations of international coronavirus infections were offset in the hope of further fiscal stimulus in the United States.
U.S.-generation stocks closed above earnings as investors sought to advance U.S. government stimulus efforts.
Softbank, which owns many new generation companies in the U.S. Through its investment fund, it rose 2.0% to a 20-year high, while TDK jumped 3.7%.
Tokyo shares rose even as the Japanese yen peaked four months at nearly 105 per dollar. A more powerful yen reduces the profits of exporters abroad and has a negative market trend.
Trade languished, with many investors on the sidelines of a japanese earnings ad show summit this week and next.
Among the corporations that announced its quarterly effects on Monday, Koei Tecmo Holdings jumped 12.7% to a record after the video game company reported strong profit growth.
Stanley Electric added 5.9% after the automaker gave stronger annual forecasts than expected.
On the other hand, Mitsubishi Motors fell 12.3% to a record after the automaker recorded poor sales in its key Southeast Asian market and predicted a massive loss for the year.
Nissan Motor, which has an alliance with Mitsubishi Motors and is expected to announce after the market closes, fell 3.9%.
Hitachi Construction fell 5.8% after its disappointing effects from April to June. (Editing via Jacqueline Wong)