* Real estate firms under pressure as investors cash in
* Exporters stay firm as yen falls to lowest since May 2009
By Dominic Lau
TOKYO, April 9 Japan's Nikkei average rose to
its highest in nearly five years for a third straight day on
Tuesday as investors were upbeat after the central bank
conducted its first bond buying operations as part of sweeping
stimulus measures announced last week.
The Nikkei advanced 0.3 percent to 13,233.46 after
trading as much as 13,331.39, its highest level since August
2008. It was on track for a fifth straight day of gains.
"It's still a quantitative easing market," said a senior
dealer at a foreign brokerage in Tokyo. "There is some profit
taking after some of the big moves yesterday ... Small real
estate stocks are still getting up there."
The real estate sector, which is seen as the
biggest beneficiary of Japan's push to reflate the economy,
slipped 3 percent after jumping more than 26 percent in the
previous three sessions.
The Bank of Japan promises to inject $1.4 trillion into the
world's third-largest economy in less than two years buy buying
government bonds across the yield curve as well as riskier
The sweeping measures, which is aimed at ending nearly two
decades of deflation and economic malaise, has triggered a wave
of buying in Japanese equities.
The benchmark Nikkei has surged almost 53 percent since
mid-November, when Shinzo Abe promised expansionist fiscal and
monetary policies to revive the world's third-largest economy
during his election campaign. He was elected prime minister the
following month, and his bold policies have been dubbed
Financial firms, another sector expected to do well under
"Abenomics", remained in demand, with Nomura Holdings,
Japan's top brokerage, up 1.4 percent, lender Sumitomo Mitsui
Financial Group adding 1 percent and consumer financing
firm Aiful Corp putting on 0.9 percent.
The broader Topix index was flat at 1,101.82 on
Tuesday morning after trading as much as 1,113.10 earlier.
Exporters also fared well as the yen fell as much as 0.3
percent on Tuesday to 99.67 to the dollar, its lowest level
since May 2009.
Canon Inc, TDK Corp, Suzuki Motor Corp
and Olympus Corp rose between 1.8 and 2.6
Societe Generale highlighted a number of exporters, which it
said are "super sensitive" to yen depreciation, including Ricoh
Co Ltd, Olympus, Mitsuhisbi Heavy Industries Ltd
, Honda Motor Co and Canon.