Nikkei 225 Gains First Day in Six on U.S. Black Friday Sales

Japanese stocks gained, sending the Nikkei 225 (NKY) Stock Average to its first advance in six days, after Black Friday sales in the U.S. rose to a record and oil prices advanced.

Sony Corp. (6758), Japan’s No. 1 exporter of consumer electronics, rose 2.3 percent. Kyocera Corp., which gets almost 20 percent of its sales in Europe, gained 3 percent after Germany’s finance minister urged fast-track treaty changes to tighten budget discipline. Inpex Corp. (1605), Japan’s top oil explorer by market value, rose 3.8 percent after crude prices increased. Mitsui O.S.K. Lines Ltd., a shipping line that fell the second-most in the Nikkei 225 in the past month, jumped 6.2 percent.

The Nikkei 225 gained 1.6 percent to 8,287.49 at the 3 p.m. close in Tokyo. The broader Topix rose 1.3 percent to 715.70, with more than 2.5 times as many shares advancing as falling. The Topix has tumbled 6.3 percent this month, erasing October’s gains, as signs emerged that Europe’s debt crisis is spreading to major economies.

The Black Friday sales proved the U.S. is “in a mild recovery, and consumer purchasing power isn’t something to be pessimistic about,” helping exporters in Asia, said Naoki Fujiwara, who helps oversee $6 billion at Shinkin Asset Management Co. in Tokyo. “The yen’s strength is taking a pause, boosting exporter stocks (TPX) and fueling confidence.”

U.S. Black Friday sales increased 6.6 percent to a record $11.4 billion, while foot traffic rose 5.1 percent, ShopperTrak, a Chicago-based research firm, said in a statement on Nov. 26.

Sony, Toyota

Sony rose 2.3 percent to 1,363 yen. Toyota Motor Corp., Asia’s biggest carmaker, climbed 2.9 percent to 2,483 yen. Toyota also got a boost after Sueddeutsche Zeitung reported, citing unidentified people close to the negotiations, that it’s in talks with Bayerische Motoren Werke AG over sharing engines.

Futures on the Standard & Poor’s 500 Index (SPXL1) rose 2 percent today, indicating the gauge will end a seven-day losing streak, after German Finance Minister Wolfgang Schaeuble called for treaty changes aimed at tightening budget discipline in an interview with ARD television in Berlin yesterday.

Also, Italian Prime Minister Mario Monti will propose billions of euros in new austerity measures next week, the Wall Street Journal reported on its website yesterday, citing a person it said was familiar with the matter.

The euro rose to as high as 103.51 yen today, compared with 103.04 at the close of stock trading on Nov. 25, boosting overseas income at Japanese companies when repatriated.

Kyocera, an electronics maker, climbed 3 percent to 6,600 yen. Ricoh Co., an office-equipment maker that gets more than 20 percent of its revenue in Europe, rose 2.3 percent to 667 yen.

Crude Oil

Oil companies gained after crude oil climbed for a second day in New York.

Inpex rose 3.8 percent to 497,500 yen and its closest rival, Japan Petroleum Exploration Co., the nation’s second-largest oil explorer by market value, gained 4 percent to 3,120 yen.

Shipping lines gained the most in the Topix among its 33 industry groups, after the sector had the largest one-month drop in the gauge. Mitsui O.S.K., which has declined by a quarter since Oct. 28, soared 6.2 percent to 240 yen. Kawasaki Kisen Kaisha Ltd., which sank by a quarter this month through Nov. 25, jumped 5.7 percent to 130 yen.

“Investors are buying back shares in the industries that had a big plunge,” said Takero Inaizumi, head of equity research in Tokyo at Mizuho Investors Securities Co.

Among companies that gained, Mitsumi Electric Co. rose 7.8 percent to 509 yen, the second-sharpest increase in the Nikkei 225. Nomura Holdings Inc. said the next-generation game console business may contribute to Mitsumi’s earnings from the second- half of next fiscal year, helping the electric-parts maker to turn a profit in the year ending March 2014.

To contact the reporters on this story: Norie Kuboyama in Tokyo at nkuboyama@bloomberg.net; Kana Nishizawa in Hong Kong at knishizawa5@bloomberg.net.

To contact the editor responsible for this story: Nick Gentle at ngentle2@bloomberg.net.

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