Yen Weakens to Lowest Level Versus Dollar Since October 2008
Japan Copper-Cable Shipments Rise for First Month in Three
Japan’s copper wire and cable shipments rose 3.1 percent in November, gaining for the first time in three months as construction demand increased, an industry group said.
Shipments totaled 62,300 metric tons last month, compared with 60,429 tons a year earlier, the Japanese Electric Wire & Cable Makers’ Association said today in an e-mailed statement. They totaled 60,046 tons in October, down 0.7 percent from a year earlier.
The Nikkei 225 Stock Average (NKY) rose above 10,000 this week for the first time since April on expectations Prime Minster- elect Shinzo Abe will expand monetary and fiscal stimulus in a bid to defeat deflation. Abe’s Liberal Democratic Party won a landslide victory that returns it to power three years after surrendering a half-century grip on the government.
“A pick-up in shipments to construction-related and export industries outweighed a slowdown in the auto and electric- machinery industries,” said Keiichi Ohki, an official at the association’s research department. “This should continue in coming months.”
The LDP and coalition partner Komeito have agreed to pass a supplementary budget possibly worth more than 10 trillion yen ($119 billion), the Nikkei newspaper reported yesterday. The Bank of Japan will probably increase monetary stimulus today after a two-day policy meeting, 17 of the 21 analysts surveyed by Bloomberg estimated.
Three-month copper on the London Metal Exchange fell 0.6 percent to $7,881 a ton at 12:45 p.m. in Tokyo. Copper, used in pipes, tubes and wires, has climbed 3.7 percent this year.
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