TOKYO Women's Danny Shelton Jersey , Aug. 13 (Xinhua) -- The Nikkei stock index rose 0.35 percent Wednesday shrugging off poor economic growth data showing Japan's economy contracted at the largest rate in the April to June quarter since the March 2011 earthquake and tsunami disaster.
The Nikkei 225 index gained 52.32 points to close at 15,213.63, while the broader Topix index of all first-section issues rose 0. 35 percent, or 4.44 points, to finish at 1262.13.
Traders here said the keenly awaited data released by the Cabinet Office just before the opening bell, showing that Japan's gross domestic product shrank an annualized 6.8 percent in the April-June quarter Women's Shon Coleman Jersey , was evidence of the degree to which the sales tax hike on April 1 from 5 to 8 percent zapped consumer spending.
The GDP data showed that consumer spending tumbled an annualized 18.7 percent, the most since comparable data has been available, in the recording period, as households cut back on spending drastically after April 1, having splurged before the hike.
Market players here said that the overall GDP reading was largely in line with market expectations, but all eyes now would be on the central bank here to see if it plans to unroll any new qualitative or quantitative easing measures to underpin the economy as the nation's exports have shown signs of waning and impacting levels of industrial production.
The figures showed exports had eased 1.8 percent in the second quarter.
The government said the economy is expected to recover over the summer Women's Cody Kessler Jersey , but while stating that the contraction was within expectations, Economy Minister Akira Amari said the government would act in a flexible manner, meaning if there isn't an imminent rebound additional stimulus will be needed.
Toshihiro Nagahama, chief economist at Dai-Ichi Life Research Institute, said that, "the contraction was sharp and there is no argument about that. There is no doubt the government and the Bank of Japan will come under pressure to act Women's Carl Nassib Jersey ," he said.
Other analysts said that the market would have lost more ground, but many players were away for summer vacations and this limited the damage.
Hiroichi Nishi, an equities manager at SMBC Nikko Securities Inc. said that,"a fall in GDP was already priced in and many market participants are on summer vacation. With earnings season coming to a close, the market is lacking energy due to a lack of catalysts," he said.
In currency markets the U.S. dollar was changing hands at 102. 28 yen in afternoon trade in Tokyo Women's Emmanuel Ogbah Jersey , compared to 102.24 yen logged in New York yesterday.
Even incremental currency fluctuations are keenly eyed by investors here as particularly with export-related issues that are widely exposed to overseas markets, a slight drop in the yen can significantly boost the firm's competitiveness and profit margins when funds are repatriated.
Consumer electronics giant Sony climbed 2.31 percent to 1,815 yen, after announcing it had sold 10 million of its PlayStation 4 game consoles since they went on the market last year.
Pacific Metals Co. was another notable advancer Wednesday, adding 1.6 percent to 381 yen, after announcing its Q1 profit had increased fourfold compared to a year earlier.
Kanto Denka Kogyo Women's Corey Coleman Jersey , a chemical maker, also attracted solid buying, surging 14 percent to 294 yen, after raising its group net profit forecast for fiscal 2014.
Social networking company Mixi Inc. jumped 2.6 percent to 6,270 yen, after Mitsubishi UFJ Morgan Stanley Securities Co. tripled its share-price target on the firm's stock to 7 Women's Zane Gonzalez Jersey ,500 yen. Mixi, whose stock has risen for three-straight days, said Tuesday it will incorporate characters from chat messaging and game app Line into its Monster Strike games.
SoftBank also found traction, gaining 2.42 percent to 6974 yen, following reports that online retailer Alibaba, which SoftBank has a stake in Women's Howard Wilson Jersey , will be listed from next month.
Trading volume on Wednesday rose to 1.73 billion shares on the Tokyo Exchange's First Section, up from Tuesday's volume of 1.61 billion shares, with advancing issues outnumbering declining ones by 1,092 to 553.
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