Shimano stock bucks trend as Japanese economy slows

Shimano surged 220 yen, or 7.1 percent, to 3310, its highest close since 1998, reports the financial news agency. The stock rose for a second day after the company predicted a gain in profit for the current fiscal year driven by increasing overseas demand.

Edwin Merner, who oversees $600m in assets as president of Atlantis Investment Research Corp. in Tokyo, told Bloomberg:

"Shimano is well run, looks cheap, and is growing."