Yen Retreats from 1-Month Low, Utilities Fall on Fault Line Worries

Nigel Thomas
18 Jul, 2012
New York City

Stocks in Japan declined as the yen edged lower from its one-month peak. The Nikkei index traded below its 25-day moving average and few export sensitive stocks closed higher. Electric utilities declined after two nuclear power plants were found to be on top of n active fault line.

[R]7:00 PM Tokyo – Stocks in Japan declined as the yen edged lower from its one-month peak. The Nikkei index traded below its 25-day moving average and few export sensitive stocks closed higher. Electric utilities declined after two nuclear power plants were found to be on top of n active fault line.[/R]
Broader market in Tokyo trading closed lower for the ninth day in a row after global economic outlook dimmed.

The latest comments from the Fed Chairman did not provide clear direction for the largest economy and the cautious views from the IMF also put investors on alert.

The Nikkei 225 Stock Average slumped 28.26 to 8,726.74 and the broader Topix index slid 2.92 to 740.46.

The yen traded down to 79.24 against one dollar and retreated from its one-month high.

In trading on the main board of the Tokyo Stock Exchange, turnover declined to 1.6 billion shares and 371 stocks increased and 1,166 declined.

Stock Movers

Toyota Motor gained 10 yen to 2,999 yen, Honda Motor Co. added 7 yen to 2,475 yen and Nissan Motor Co Ltd increased 13 yen to 713 yen.

Canon Inc rose 0.6% to 2,896 yen. , Seiko Epson Corp slipped 3.3% to 606 yen and Ricoh Co Ltd edged up 0.1% to 563 yen.

Sony Corp added 1 yen to 965 yen and Panasonic Corp rose 1 yen to 541 yen. Toshiba gained 4 cents to 279 yen. Olympus Corp advanced 86 yen to 1,440 yen and Nikon declined 28 yen to 2,227 yen.

Fanuc Ltd closed unchanged at 12,540 yen, Komatsu Ltd dropped 37 yen to 1,689 yen and Hitachi Construction Machinery Co slumped 26 yen to 1,334 yen.

Aderans Co Ltd plummeted 66 yen to 920 yen after the wig maker agreed to acquire for $163 million in cash hair loss unit of hair salon operator Regis Corp.

Yamada Denki slid 2.5% to 3,550 yen. Nitori Holdings Co closed down 0.5% to 7,600 yen, apparel retailer Shimamura fell 0.8% to 9,470 yen and Sagami Co unchnaged to 106 yen.

Marushohotta Co fell 1 yen to 45 yen and Edion Corp down 0.5% to 357 yen.

Fast Retailing Co. declined 60 yen to 16,000 yen and J. Front Retailing Co. Ltd decreased 11 yen to 414 yen.

Kajima Corp fell 4 yen to 229 yen and Taisei Corp slid 3 yen to 221 yen. Sekisui House Ltd gained 0.5% to 770 yen and Daito Trust Construction Co Ltd rose 0.9% to 7,740 yen.

Tokyo Tatemono Co., Ltd added 4 yen to 286 yen and Mitsui Fudosan advanced 30 yen to 1,519 yen and Sumitomo Realty & Development Co. increased 12 yen to 1,907 yen.

Kansai Electric Power Company, Inc plummeted 51 yen to 758 yen and Tokyo Electric Power rose 3 yen to 126 yen.

Hokuriku Electric Power plunged 21% and Kansai Power dropped 6% after falling 7% a day ago after nuclear reactors of two power companies were found to be located on top of an active fault line.

Inpex Corp fell 0.2% to 434,500 yen and Japan Petroleum Exploration Co. slid 13 yen to 2,910 yen.

Mitsui O.S.K. Lines, Ltd fell 5 yen to 237 yen; Kawasaki Kisen Kaisha, Ltd slipped 7 yen to 115 yen and Nippon Yusen K.K. closed unchanged at 179 yen.

Mitsubishi UFJ Financial Group fell 4 yen to 373 yen and Sumitomo Mitsui Financial Group slumped 29 yen to 2,494 yen. Nomura Holdings, Inc slid 3 yen to 266 yen.

Credit Saison Co Ltd declined 38 yen to 1,774 yen.

Nippon Steel rose 1 yen to 158 yen and JFE Holdings Inc slid 3 yen to 1,087 yen.