Japan Skateboard Stocks Jump After Host Claims Gold Medals
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Japan has a new hero in the diminutive form of 13-year-old gold medal-winning skateboarder Momiji Nishiya. Investors are betting that’s good news for stocks connected to a sport that has considerable room to grow in the country.
Shares in Morito Co., which distributes skateboarding gear, surged 12% Monday after Nishiya’s victory in the Olympic women’s street skateboarding event. Another Japanese athlete, Funa Nakayama, won bronze in the same event, while on Sunday 22-year-old Yuto Horigome took gold for Japan in the men’s skateboarding event.