Economy

Tokyo stocks open higher on Wall Street's advance, yen's retreat

Tokyo stocks open higher on Wall Street's advance, yen's retreat”

The offering would be worth around 1.3079 trillion yen based on Monday's closing share price of 1,321 yen and including options to sell additional shares in the event of strong demand.

Tokyo stocks rallied Monday morning on upbeat Japanese data and a weaker yen, with the North Korea crisis in focus as the USA pushes for tough new sanctions against the nuclear-armed state.

The government plans to spend the proceeds on reconstruction measures following the March 2011 massive natural disaster and tsunami that hit the Tohoku northeastern region.

The sale will involve the unloading of some 990 million shares, or 22 percent of Japan Post's outstanding shares, with a selling price set somewhere between September 25 and 27.

The Japan share market closed higher on Monday, 11 September 2017, as investors sentiment boosted up by a bit easing geopolitical tensions over North Korea, yen's weakening against the dollar and better than expected core private-sector machinery orders for July 2017.

The government, which had fully owned the company, released the first tranche of its shareholdings at the time of the company's stock listing in November 2015. It now holds around 80 percent of the group's outstanding shares, which by law must be reduced eventually to around one-third.

Japan Post Holdings has risen as high as almost ¥2,000 on the TSE, against the initial public offering price of ¥1,400.



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