October 4, 1999 |
Stocks in Tokyo opened higher today on news that Japanese business confidence surged to a 21-month high in September in a strong signal that companies are benefiting from the economy's recovery from last year's recession. But companies remain reluctant to translate that optimism into increased investment, symptomatic of the uneven recovery. The Bank of Japan's quarterly tankan index of large manufacturers' confidence rose to minus 22 from minus 37 in June.
September 22, 1999 |
The Bank of Japan put its foot down on Tuesday. But did it crush the country's hot stock market by doing so? Bank of Japan board members unexpectedly voted to keep monetary policy unchanged, resisting pressure from politicians to expand the nation's money supply to help slow the surging yen. The decision by Gov. Masaru Hayami and his fellow central bankers triggered another jump in a yen that some analysts say is already threatening the recovery of the world's second-largest economy.
September 15, 1999
Japan's Nikkei stock average remains 54% from its 1989 peak, despite its recent rally, but shares of Sony Corp. are breaking records daily. The electronics giant's American depositary receipts, which track its Japanese stock, have doubled this year. The shares picked up new steam this week on excitement for Sony's upcoming successor to the PlayStation video game console, which will play music CDs and movie DVDs as well as existing software. Quarterly closes and latest on the NYSE: Tuesday: $148.
July 27, 1999 |
Japanese stocks have been on a scorching run this year, but it's easy to view the gains with some skepticism. After all, the Japanese market has shown signs of recovering throughout its now decade-long malaise--rallying in 1993, 1994, 1995 and 1997--only to fizzle each time. What's more, the yen has strengthened considerably relative to the dollar over the last two weeks, threatening the health of Japan's critical export sector. That has been a major factor in the Nikkei-225 stock index's 5.
July 14, 1999 |
Online service provider Internet Initiative Japan reportedly plans to go public on the U.S. market, in what would be the first case of a Japanese firm listing shares abroad before doing so at home. The company hopes to raise about $150 million in its share offering, which may come as early as August on Nasdaq, the Nihon Keizai Shimbun, Japan's leading business newspaper, reported Tuesday evening.
June 18, 1999 |
The Japanese stock market is in a steep climb, and there might actually be good reason for it. Despite all the country's woes and skepticism about its claims of progress, analysts say the market is responding to an accumulation of hopeful economic indicators, signs of true corporate restructuring and indications that Japan may be collecting dividends from Asia's early economic recovery. And surging stock prices themselves could further fuel the process by bolstering Japan's beleaguered banks.