Shohei Ohtani signed a ten-year contract with the Los Angeles Dodgers worth $700 million (€649 million). Bob Levey/Getty Images
Shohei Ohtani signed a ten-year contract with the Los Angeles Dodgers worth $700 million (€649 million).
The impact of this historic deal could be felt by corporate sponsors listed in Japan.
Shares of Mitsubishi, Seiko and others rose on Monday.
This is a machine translation of an article from our US colleagues at Business Insider. It was automatically translated and checked by a real editor.
Shohei Ohtani, who has been compared to Babe Ruth for his outstanding pitching and batting, signed a 10-year, $700 million contract with the Los Angeles Dodgers over the weekend. At a margin of more than $250 million (€232 million), this is the largest contract in baseball history – and it appears to be having an impact on the Japanese stock market.
The hefty contract for the 29-year-old — who just secured his second American League MVP award — appears to be driving up the stock prices of several corporate sponsors, as Bloomberg first reported. Shares of Mitsubishi UFJ Financial Group Kose and Seiko Group rose in Tokyo on Monday. Kose and Seiko rose 2.4 percent and 1.8 percent respectively, outperforming Japan’s benchmark Topix index, while Mitsubishi rose 1.9 percent.
“To all Dodgers fans, I promise to always do what’s best for the team and to continue to do everything I can to be the best version of myself,” Ohtani wrote on Instagram.
Read too
Stock market millionaire Carmen Mayer reveals which eight stocks she can recommend for 2024
This isn’t the first time Ohtani has influenced the stock market
It’s not the first time Ohtani’s star power has spilled over into the stock market. As Bloomberg previously reported, in April 2021, when he started as a pitcher and led the MLB in home runs, an equally weighted basket of five companies that sponsor him beat the Bloomberg World Apparel Index and the Topix Index in the following months.
Professor Katsuhiro Miyamoto, who teaches at Kansai University in Japan, wrote in a report cited by Bloomberg that Ohtani’s move from the Angels to the Dodgers will have an economic impact of $437 million (405 million euros) in 2024 . In general, Japanese stocks have retreated from their decade-long highs in recent weeks. In the week ended December 8, the Nikkei 225 index posted one of its worst five-day stretches of the year, while the yen strengthened against the dollar.
Read the original article in English here.
2023-12-13 10:19:25
#Baseball #star #Shohei #Ohtanis #million #contract #boosts #Japanese #stock #market
