Japanese stocks rose Thursday, August 4th, despite the decline in Toyota Corp shares following the largest Japanese automaker suffered a significant drop in quarterly profit.
The Nikkei index rose 0.69% to close at 27932.20 points, following briefly exceeding the level of 28 thousand points, which it has not reached since the ninth of June.
The performance of the broader Topix index was less strong and closed stable at 1930.73 points, following it fluctuated between ups and downs throughout the session.
Toyota’s share fell 3.45% following the company announced the earnings report, which showed a 42% decline on an annual basis in operating profits, before compensating for its losses slightly and closing down 2.99%.
By contrast, rival automaker Subaru Corp. was the best performer on the Nikkei index on Thursday, jumping 8.48% following a positive earnings report and upbeat forecasts for future sales in the United States.
Casio Computer was the second highest gainer, gaining 6.29% following expectations of stronger earnings in the current fiscal year.
Technology stocks supported the Nikkei index, including Tokyo Electron, which increased 3.1%.
Z Holdings Corp. was the worst performer, plummeting 10.99% following the results were announced.
Investors focused on the Nintendo video game company, following the company announced a decline in sales of its Switch unit on an annual basis, but the stock increased 0.41%. The company kept its forecast for unit sales unchanged for the current fiscal year.
