Japanese Stocks market to watch june 7 2011

Japanese Stocks market to watch june 7 2011 - Japan Stocks Climb as Tepco Rebounds, Toyota Rises on Hybrids : Tokyo Electric, operator of the nuclear plant crippled by the March 11 earthquake and tsunami, rebounded from yesterday’s record 28 percent plunge, leading utilities higher. Toyota Motor Corp., the world’s No. 1 carmaker, advanced after a report it will increase production of hybrid cars. Canon, which gets more than 80 percent of revenue from outside Japan, sank 3.3 percent after the end of a buyback program.

The Nikkei 225 Stock Average gained 0.6 percent to 9,433.17 as of 1:45 p.m., fluctuating between gains and losses more than 20 times in the morning session after the yen rose against the dollar last night.

“The currency is stable after temporarily touching a level stronger than 80 yen,” said Naoki Fujiwara, who helps oversee $6 billion in Tokyo at Shinkin Asset Management Co. “Investors are buying stocks because shares are undervalued.”

The broader Topix rose 0.6 percent to 813.03, after falling as much as 0.3 percent. Stocks in the index trade at 0.93 times book value on average, the lowest level among the world’s 15 largest equity markets.

Japan’s currency traded near its highest in a month today. The yen gained to as high as 79.98 yen to the U.S. dollar yesterday, the highest intraday level since May 5, according to data compiled by Bloomberg. A strong yen reduces the value of overseas sales when repatriated. For the latest updates PRESS CTR + D or visit Stock Market news Today

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