Nikkei Declines 0.6% in Tokyo

Nigel Thomas
21 Mar, 2012
New York City

The Nikkei index in Tokyo edged lower for the first time in six days and declined from a 34-week high. Crude oil edged up and China linked stocks were under pressure on the first day of trading after a national holiday.

[R]8:30 PM Tokyo – The Nikkei index in Tokyo edged lower for the first time in six days and declined from a 34-week high. Crude oil edged up and China linked stocks were under pressure on the first day of trading after a national holiday.[/R]

Stocks in Tokyo trading fell for the first time in six days and the benchmark index edged lower from a 34-week high. Investors got the first chance to react a day after holiday when world markets declined on the worries that China may be heading for a soft landing.

Investors were also on the defensive after crude oil prices hovered near recent highs.

The Nikkei 225 Stock Average decreased 55.50 to close at 10,086.49 and the broader Topix index decreased 9.57 to 858.78.

The dollar inched up to 83.73 and the euro gained to 111.10 yen.

Stock Movers

Toyota Motor closed down 55 yen at 3,520 yen and Honda Motor Co. decreased 35 yen to 3,220 yen and Nissan Motor Co Ltd decreased 26 yen to 865 yen.

Yokohama Rubber Co. closed unchanged at 586 yen and Bridgestone Corp decreased 1.2% to 2,001 yen.

Electronics exporters and China linked companies declined on the worries that Chinese economic growth may be lower than expected.

Sony Corp decreased 81 yen to 1,733 yen, Panasonic Corp decreased 17 yen to 763 yen and Canon Inc closed down 40 yen to 3,895 yen. Nintendo Co. Ltd gained 100 yen to 12,600 yen.

Olympus Corp decreased 28 yen to 1,307 yen, Nikon dropped 49 yen to 2,413 yen and Fanuc Ltd closed down 140 yen to 15,360 yen. Hitachi Ltd fell 1.7% to 497 yen.

Komatsu Ltd decreased 84 yen to 2,424 yen, Hitachi Construction Machinery Co decreased 53 yen to 1,855 yen and Toyo Engineering Corp closed down 5 yen at 371 yen.

Mitsui O.S.K. Lines, Ltd decreased 12 yen to 369 yen, Kawasaki Kisen Kaisha, Ltd closed down 2 yen to 181 yen and Nippon Yusen K.K. fell 5 yen to 261 yen.

Fast Retailing Co. increased 300 yen to 18,000 yen and J. Front Retailing Co. Ltd closed down 2 yen to 440 yen.

Mitsubishi UFJ Financial Group decreased 11 yen to 434 yen and Sumitomo Mitsui Financial Group dropped 64 yen to 2,860 yen. Nomura Holdings, Inc decreased 17 yen to 396 yen.

Tokyo Tatemono Co., Ltd fell 8 yen to 337 yen and Mitsui Fudosan decreased 52 yen to 1,606 yen and Sumitomo Realty & Development Co. decreased 55 yen to 1,977 yen.

Nippon Steel decreased 5 yen to 235 yen and JFE Holdings Inc decreased 2% or 39 yen to 1,832 yen.