5:30 PM Tokyo – Stocks in Tokyo gained for the second day in a row and utilities companies surged on the speculation that electricity makers plants may restart reactors. Osaka Gas and shipping companies jumped on the prospect of U.S. shale gas imports.
Stocks in Tokyo extended gains after the yen weakened and nuclear energy and shipping companies were in focus.
The yen edged lower to 102.52 against one dollar and the yen has dropped nearly 20% from 86.67 at the beginning of the year.
The Nikkei 225 Stock Average climbed 222.69 or 1.5% to 15,360.81 and the broader Topix Index jumped 16.27 or 1.3% to 1,269.51.
Nuclear reactors makers jumped after Japan and India are set to resume atomic energy talks later this month. The talks were called off after the Fukushima disaster.
Shipping companies rose after the freight rate to transport liquefied natural gas rose 28% in the last week and demand for transporting vessels is likely to increase as the U.S. prepares to ship natural gas.
Stocks in Review
Toyota Motor Corp advanced 120 yen to 6,590 yen and Honda Motor Co. jumped 95 yen to 4,275 yen and Nissan Motor Co Ltd soared 65 yen or 5.6% to 1,225 yen.
Sony surged 116 yen or 5.7% to 2,162. Canon Inc rose 25 yen to 3,805 yen and Nikon gained 31 yen to 2,826 yen.
Fanuc Corp. slid 20 yen to 16,170 yen Softbank Corp climbed 270 yen or 4.7% to 6,080 yen.
Seven & I Holdings Co slipped 45 yen to 3,900 yen. Fast Retailing Co. added 300 yen to 39,200 yen.
Mitsubishi UFJ Financial Group fell 1 yen to 699 yen and Sumitomo Mitsui Financial Group decreased 40 yen to 4,710 yen.
Nippon Yusen KK surged 30 yen or 11.3% to 295 yen after the liquefied petroleum gas cargo rates on Baltic Exchange increased 28% in the last week.
Nippon Yusen established a consortium company, Japan LNG Investment, in the Louisiana, U.S. together with the Mitsubishi Corporation to possibly participate in the Cameron LNG project promoted by Sempra Energy and the plant construction will begin from 2014.
Mitusi O.S.K. Lines rose 7.6% and Kawasaki Kisen Kaisha Ltd gained 6%.
Osaka Gas Co. Ltd. climbed 19 yen or 4.2% to 477 yen after the department of U.S. Energy conditionally approved to exports liquefied petroleum gas from the Freeport to the countries without free trade agreements.
Tokyo Electric Power Company, Inc soared 100 yen or 15.9% to 726 yen after The Yomiuri Shimbun newspaper reported the company and other utilities have applied for restarting of reactors.
TEPCO contradicted the statement and said it has not decided to apply to restart reactors in July and cannot specify the target date for completion.