By Kosaku Narioka
TOKYO--Japanese stocks rose to a 15-year high on an intraday
basis Thursday morning as investors take a renewed interest in
companies that have shifted their focus back to growth and
efficiency.
In early trading, the Nikkei Stock Average increased 0.6% to
18305.93, reaching its highest intraday level since May 2000.
There are recent signs that Japanese companies ranging from
Canon to Sony are starting to tap into their large cash piles,
reinforcing their core businesses and buying out firms for
expansion. They are finally leaving behind a period of uncertainty
following the 2008 global financial crisis and the aftermath of
March 2011 disaster.
Prime Minister Shinzo Abe's new economic policies, which have
weakened the yen and generated mild inflation, are also giving
domestic firms a tailwind.
Cash-rich Canon announced earlier in February that it will buy
Axis AB, a Swedish network video solutions provider, for around
$2.8 billion. Electronics and entertainment company Sony Corp. said
Wednesday that it would spin off its audio and video units so the
parent can focus on entertainment and image sensor businesses,
while industrial-robot maker Fanuc said Monday it would invest more
than $1 billion in new factories and research facilities at
home.
Write to Kosaku Narioka at kosaku.narioka@wsj.com
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