Topix in Japan at 28-Year Low

Nigel Thomas
04 Jun, 2012
New York City

Stocks in Japan extended losses and the benchmark indexes dropped to six month low and the Topix fell to 28-year low. Sony Corp declined to 32-year low and export sensitive stocks to Europe led the decliners.

[R]8:00 PM Tokyo – Stocks in Japan extended losses and the benchmark indexes dropped to six month low and the Topix fell to 28-year low. Sony Corp declined to 32-year low and export sensitive stocks to Europe led the decliners.[/R]

Stocks in Tokyo fell after weak U.S. employment data and commodities prices eased to the lowest level in the year.

The benchmark Nikkei index extended losses to 19% from the peak on March 27 and Topix fell more after losing for the nine weeks in a row on Friday.

The Nikkei 225 Stock Average plummeted 144.62 or 1.7% to 8,295.63 and fell to the s0x month low and the broader Topix index slides 13.42 or 1.9% to 695.51.

Stock Movers

Kansai Electric Power Company, Inc decreased 7 yen to 1,076 yen and Tokyo Electric Power gained 8 yen to 164 yen.

Chubu Electric Power fell 0.2%, Shikoku Electric Power Co slides 0.4% and Hokkaido Electric Power slumped by 3%.

Exporters continued to weaken as euro zone turmoil weaken the markets in Spain and Italy and banks face increasing withdrawals in two nations.

Toyota Motor dropped 106 yen to 2,904 yen and Honda Motor Co. declined 91 yen to 2,368 yen and Nissan Motor Co Ltd slumped 26 yen to 709 yen.

Sony Corp decreased 17 yen to close at 996 yen, Panasonic Corp closed down at 11 yen to 497 yen and Canon Inc plummeted 157 yen or 5.1% to 2,893 yen. Toshiba slides 8 yen to 274 yen.

Olympus Corp slumped 20 yen to 1,280 yen, Nikon declined 107 yen to 2,081 yen and Fanuc Ltd shrank 270 yen to 12,890 yen. Hitachi Ltd decreased 12 yen to 437 yen.

Komatsu Ltd slipped 45 yen to 1,753 yen, Hitachi Construction Machinery Co shrank 57 yen to 1,392 yen.

Energy companies declined after crude oil plunged in May and for the year declined 20% in Asian trading. The immediate month delivery futures of the oil are trading at a two-year low.

Inpex Corp declined 3.5% to 424,000 yen and Japan Petroleum Exploration Co. dropped 113 yen to 2,821 yen.

Mitsui O.S.K. Lines, Ltd plunged 14 yen or 5.3% to 249 yen; Kawasaki Kisen Kaisha, Ltd decreased 6 yen to 131 yen and Nippon Yusen K.K. slides 6 yen to 193 yen.

Nippon Electric Glass Co Ltd declined 38 yen or 7.8% to 449 yen and Asahi Glass Co Ltd slumped 13 yen to 503 yen.

Fast Retailing Co. shrank 160 yen to 17,610 yen and J. Front Retailing Co. Ltd fell 4 yen to 361 yen.

Janome Sewing Machine Co. unchanged to 62 yen after the Nikkei newspaper speculated that operating profit in the current fiscal year is expected to more than double.

Mitsubishi UFJ Financial Group slipped 6 yen to 331 yen and Sumitomo Mitsui Financial Group dropped 41 yen to 2,243 yen. Nomura Holdings, Inc closed down at 10 yen to 242 yen.

Credit Saison Co Ltd decreased 6 yen to 1,484 yen.

Tokyo Tatemono Co., Ltd shrank 16 yen to 233 yen and Mitsui Fudosan plunged 71 yen or 5.4% to 1,241 yen and Sumitomo Realty & Development Co. tumbled 128 yen or 7.8% to 1,504 yen.

Nippon Steel slides 8 yen to 161 yen and JFE Holdings Inc dropped 51 yen to 1,175 yen.