TYO:9039

Daiwa Securities Downgrades Sakai Moving Service to Neutral from Outperform; Price Target is 2,900 Yen

Japanese Shares Close Higher as Cabinet OKs 3.1 Trillion Yen Energy Package

Japanese shares extended their opening gains to close stronger on Wednesday, crossing the 68,000 level, driven by the positive movement in the broader Asian markets and the local government's initiatives to uplift the economy.The Nikkei 225 index surged 1,667.89 points, or 2.5%, to finish at a record 68,402.13.Japan's cabinet authorized a 3.1 trillion yen additional budget aimed at shielding households from inflation worsened by the Middle East conflict, Bloomberg News reported Wednesday.As per the report, the supplementary package establishes a 2.5 trillion yen reserve fund to offer subsidies for countering higher commodity prices, including gasoline.Investors are also keenly eyeing Bank of Japan Governor Kazuo Ueda's planned speech for hints on the outlook for interest rates.Media reports quoted Finance Minister Satsuki Katayama as saying that the government "will respond appropriately at any time as necessary" on the falling value of the yen.On the corporate side, SoftBank Group's (TYO:9984) telecom unit SoftBank Corp. has been shortlisted for a potential bid on Blackstone's payments services provider SP.LINKS Inc., Bloomberg reported Wednesday, citing sources.Also, Sakai Moving Service's (TYO:9039) May sales rose 4.7% from a year earlier to 8.12 billion yen, according to a Wednesday filing on the Tokyo Stock Exchange.

Sakai Moving Service May Sales Climb 4.7%

Sakai Moving Service's (TYO:9039) May sales rose 4.7% from a year earlier to 8.12 billion yen, according to a Wednesday filing on the Tokyo Stock Exchange.The Kanto region recorded 2.8 billion yen in sales, up 7.8% on year, while Chubu and Tokai posted 1.15 billion yen, up 7.9%. Hokkaido and Tohoku reached 670 million yen in sales, up 1.2%.Kinki logged 1.54 billion yen in sales, an increase of 2.7%. Kyushu and Okinawa edged up 4.4% to 1.16 billion yen, while Chugoku and Shikoku fell 9.6% to 574 million yen.