Nikkei Extends 3-Day Losses, Yen Gains

Nigel Thomas
05 Apr, 2012
New York City

Trading sentiment in Tokyo was cautious after sovereign bond yields began to rise in Europe and commodities prices eased in international markets. The yen gained against the dollar and euro. Point Inc dropped 3% after the clothing retailer reported 19% decline in operating income.

[R]7:30 PM Tokyo – Trading sentiment in Tokyo was cautious after sovereign bond yields began to rise in Europe and commodities prices eased in international markets. The yen gained against the dollar and euro. Point Inc dropped 3% after the clothing retailer reported 19% decline in operating income.[/R]

Stocks in Tokyo extended losses for the third day in a row and the benchmark Nikkei declined further below from 10,000 and closed at a 4-week low.

Market sentiment was cautious after bond yields rose in European markets and investors dialed back the expectations of third monetary stimulus in the U.S.

The Nikkei 225 Stock Average decreased 52.38 to close at 9,767.61 and the broader Topix index fell 2.79 to 832.57.

In trading today, 2.1 billion shares changed hands on the main board of the Tokyo Stock Exchange.

The yen gained against most currencies and raised the prospect of more auto and electronics production shifting to emerging markets.

The yen closed at 82.26 against one dollar and 108.22 against one euro.

Stock Movers

Toyota Motor closed down 25 yen to 3,460 yen and Honda Motor Co. decreased 35 yen to 3,065 yen and Nissan Motor Co Ltd fell 9 yen to 869 yen.

Sony Corp gained 11 yen to 1,668 yen, Panasonic Corp closed up 2 yen at 726 yen and Canon Inc slipped 15 yen to 3,885 yen. Nintendo Co. Ltd soared 120 yen to 12,360 yen.

Olympus Corp closed up 27 yen to 1,331 yen, Nikon declined 46 yen to 2,425 yen and Fanuc Ltd closed down 90 yen to 14,510 yen. Hitachi Ltd rose 1 yen to 537 yen.

Komatsu Ltd increased 20 yen to 2,391 yen, Hitachi Construction Machinery Co slipped 10 yen to 1,814 yen and Toyo Engineering Corp closed down 11 yen to 376 yen.

Mitsui O.S.K. Lines, Ltd decreased 8 yen to 343 yen, Kawasaki Kisen Kaisha, Ltd fell 5 yen to 182 yen and Nippon Yusen K.K. decreased 3 cents to 253 yen.

Fast Retailing Co. declined 360 yen to 17,440 yen and J. Front Retailing Co. Ltd closed down 11 yen to 431 yen.

Point Inc declined 86 yen or 2.9% to 2,924 yen after the casual clothing retailer reported 19.4% decline in operating income.

Mitsubishi UFJ Financial Group fell 5 yen to 406 yen and Sumitomo Mitsui Financial Group dropped 38 yen to 2,650 yen. Nomura Holdings, Inc rose 2 yen to 362 yen.

Tokyo Tatemono Co., Ltd decreased 6 yen to 312 yen and Mitsui Fudosan fell 4 yen to 1,510 yen and Sumitomo Realty & Development Co. increased 12 yen to 1,869 yen.

Nippon Steel unchanged to 218 yen and JFE Holdings Inc declined 2% or 35 yen to 1,725 yen.