TOKYO: Japanese stocks boogied higher in early Thursday action, as the yen plumbed fresh multiyear lows and U.S. shares offered a strong lead. The Nikkei Average NIK, +0.85% was 0.6% higher, hunting what would be its 10th straight winning session, while the Topix I0000, +1.10% improved by 0.5%. The dollar USDJPY, +0.45% marched ever higher, buying ¥123.75 after hitting its best level since the summer of 2007 before the open of Tokyo trade. The globally exposed blue chips followed the dollar upward, as TDK Corp. 6762, +3.15% TTDKF, +2.77% rose 2.6%, Japan Display Inc. 6740, +2.78% and Renesas Electronics Corp. 6723, +0.51% RNECY, -2.51% added 1.4% each, Nissan Motor Co. 7201, +1.95% NSANY, +1.59% climbed 1.5%, and Toyota Motor Corp. 7203, +2.24% TM, +0.78% improved by 1.1%. Shares of Sony Corp. 6758, +1.65% SNE, -1.23% traded 0.9% higher after the company announced the purchase of U.S. startup Optical Archive Inc. Retailers were mixed, meanwhile, after April data showed a robust 5% gain for retail sales that nonetheless fell short of a 5.4% rise projected in a Reuters survey of economists. Among the largest names, Fast Retailing Co. 9983, +0.96% FRCOF, +0.18% moved 0.4% higher, and Isetan Mitsukoshi 3099, +0.54% added 0.7%, but J. Front Retailing Co. 3086, -0.55% JFROF, +0.92% lost 0.6%, and e-commerce major Rakuten Inc. 4755, -3.09% RKUNF, -0.25% fell 2.4%. Elsewhere on the market, stock in Tokyo Electric Power Co. 9501, +5.41% TKECF, +4.45% rallied 4.2% and shares of Tokai Holdings Corp. JP:3167 rose 1%, as a Jiji Press report said the two had “basically agreed” on a tie-up in retail electricity and gas sales.
