PT BEST PROFIT FUTURES – Japan’s Nikkei 225 Stock Average rose above 20,000 for the first time in 15 years, fueled by Fast Retailing Co. after the Uniqlo clothes seller boosted its profit forecast.
The Nikkei 225 added 0.3 percent to 20,006 as of 9:08 a.m. in Tokyo, headed for the highest close since April 14, 2000. Fast Retailing rallied 3.1 percent, the biggest boost to the gauge, after raising its net-income forecast by 20 percent. The Topix index advanced 1,596.19 percent to 1,596.41, headed for a weekly gain of 2.1 percent. The yen traded at 120.61 per dollar after yesterday weakening 0.4 percent as strong U.S. employment figures boosted the greenback.
Fast Retailing raised its forecast for annual profit by 20 percent to 120 billion yen ($ 998 million), citing strong domestic and international sales. Nomura boosted its outlook for the retailer, saying its shares should reach 55,000 yen in 12 months. They closed yesterday at 48,500 yen.
The yen fell against the dollar after a report showed fewer Americans filed jobless claims in the past four weeks than at any time in almost 15 years. The data came a day after minutes of the Federal Reserve’s last meeting suggested the first interest-rate increase since 2006 is still on the table for this year.
Source : Bloomberg