Nikkei rises as food processors rally on merger report; BOJ in focus

lunes 14 de septiembre de 2015 22:06 GYT

* Yonekyu jumps after report of a merger with Itoham

* Toshiba stumbles after reporting a quarterly loss, put under watch list

* Market awaits BOJ outcome

By Ayai Tomisawa

TOKYO, Sept 15 (Reuters) - Japanese stocks rose on Tuesday morning as food processing firms rallied on a report of a merger, while most investors were fairly relaxed ahead of the outcome of the Bank Of Japan's two-day policy meeting.

Food stocks rose 1.5 percent and were the top performer on the board.

The gains were sparked by second-largest meat processor Itoham Foods Inc jumping 4.6 percent after the Nikkei reported that it and seventh-ranked Yonekyu Corp are planning a merger in what would be the biggest vendor of ham and sausage in the country. Yonekyu rocketed 12 percent.

Expectations of more consolidation in the food industry lifted other food processors such as fishery product makers Nippon Suisan Kaisha and Toyo Suisan Kaisha, which soared 1.9 percent and 2.2 percent, respectively.

Bucking the strength, Toshiba Corp stumbled 6.9 percent after it reported a quarterly loss. The Tokyo Stock Exchange also placed the stock on a watch list for faulty internal management and fined the firm 91.2 million yen for betraying investors' trust.   Continuación...