Reuters: Global Markets: Shares of Japan automakers mixed on Fed's surprise, firmer yen

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Shares of Japan automakers mixed on Fed's surprise, firmer yen Sep 19th 2013, 02:57 TOKYO | Wed Sep 18, 2013 10:57pm EDT TOKYO (Reuters) - The U.S. Federal Reserve's decision not to taper its bond-buying programme was a mixed blessing for Japanese auto shares, with the yen's gains undercutting any boost from continued stimulus. On the Tokyo Stock Market, automakers with high exposure to emerging markets were in demand on Thursday after the Fed's surprise decision. Suzuki Motor Corp (7269.T), which gets 38 percent of sales from Asia including India, gained as much as 3.4 percent in heavy trade to hit a one-month high of 2,339 yen. Isuzu Motors Ltd (7202.T), Daihatsu Motor Co Ltd (7262.T), and Yamaha Motor Co Ltd (7272.T) climbed between 4.8 percent and 6.5 percent. "Although institutional investors have long overweighted the auto sector, many of them shorted truckmakers thinking that the product demand will weaken in emerging markets as the Fed's tapering was seen as imminent," said Yasuo Sakuma, portfolio manager Bayview Asset Management. "After the Fed's surprise decision, those investors, both domestic and foreign, are shifting allocations from the passenger car makers with high exposure to the U.S. market into truck makers with a large exposure to emerging markets." Meanwhile, passenger car makers Toyota Motor Corp (7203.T), Fuji Heavy Industries Ltd (7270.T) and Honda Motor Co Ltd (7267.T), which have a significant presence in the saturated North American market, were up between 0.4 percent and 0.6 percent and underperformed the benchmark Nikkei .N225. The yen last traded at 98.25 yen against the dollar. (Reporting By Tomo Uetake; Editing by Matt Driskill) Link this Share this Digg this Email Reprints

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