Nikkei Drops 1.9% to Lowest in Six Weeks

Nigel Thomas
23 Jul, 2012
New York City

Nikkei index in Tokyo plunged the most in six weeks in light trading as investors lowered expectations in the euro zone as Spanish crisis broadens in the economy. Print makers declined after Xerox lowered its outlook. Resources linked stocks fell.

[R]7:00 PM Tokyo – Nikkei index in Tokyo plunged the most in six weeks in light trading as investors lowered expectations in the euro zone as Spanish crisis broadens in the economy. Print makers declined after Xerox lowered its outlook. Resources linked stocks fell.[/R]

Stocks in Tokyo accelerated decline in the early afternoon trading on the worries that at least six regional governments are preparing to tap the recently set bailout fund and the banking crisis in the nation is widening to the economic crisis.

The Nikkei 225 Stock Average plummeted 161.32 or 1.9% to 8,508.32 and the broader Topix index dropped 13.20 or 1.8% to 720.62.

In trading on main board of Tokyo Stock Exchange, 1.4 billion shares changed hands and 1,503 shares fell.

Stock Movers

Toyota Motor dropped 52 yen to 2,915 yen, Honda Motor Co. declined 46 yen to 2,441 yen and Nissan Motor Co Ltd decreased 10 yen to 717 yen.

Print makers closed lower after Xerox Corp on Friday cut its full-year estimates on the weak demand in Europe.

Canon Inc slipped 4.6% to 2,742 yen. , Seiko Epson Corp decreased 2.6% to 589 yen and Ricoh Co Ltd plunged 7% to 529 yen.

Sony Corp dropped 39 yen to 919 yen and Panasonic Corp slumped 23 yen to 500 yen. Toshiba slipped 9 yen to 276 yen. Olympus Corp declined 39 yen to 1,347 yen and Nikon plummeted 64 yen to 2,210 yen.

Fanuc Ltd closed down 200 yen at 12,290 yen, Komatsu Ltd declined 57 yen to 1,655 yen and Hitachi Construction Machinery Co slumped 45 yen to 1,298 yen.

Yamada Denki slipped 2.3% to 3,725 yen. Nitori Holdings Co closed down 0.3% to 7,550 yen, apparel retailer Shimamura decreased 1.8% to 9,140 yen and Sagami Co slid 4 yen to 98 yen.

Marushohotta Co fell 2 yen to 43 yen and Edion Corp plunged 8.8% to 330 yen.

Fast Retailing Co. slumped 360 yen to 15,730 yen and J. Front Retailing Co. Ltd slipped 15 yen to 391 yen.

Kajima Corp decreased 5 yen to 217 yen and Taisei Corp fell 2 yen to 213 yen. Sekisui House Ltd slipped 1% to 748 yen and Daito Trust Construction Co Ltd gained 0.9% to 7,730 yen.

Tokyo Tatemono Co., Ltd fell 5 yen to 268 yen and Mitsui Fudosan decreased 16 yen to 1,450 yen and Sumitomo Realty & Development Co. dropped 31 yen to 1,850 yen.

Kansai Electric Power Company, Inc declined 25 yen to 683 yen and Tokyo Electric Power fell 2 yen to 128 yen.

Inpex Corp slipped 2.7% to 439,000 yen and Japan Petroleum Exploration Co. plummeted 115 yen to 2,905 yen.

Mitsui O.S.K. Lines, Ltd decreased 7 yen to 228 yen; Kawasaki Kisen Kaisha, Ltd slid 6 yen to 106 yen and Nippon Yusen K.K. closed down 5 yen to 173 yen.

Mitsubishi UFJ Financial Group slipped 9 yen to 359 yen and Sumitomo Mitsui Financial Group plummeted 71 yen to 2,372 yen. Nomura Holdings, Inc slumped 8 yen to 251 yen.

Tokio Marine declined 2% to 1,820 yen and Mito Securities plunged 6.5% to 130 yen.

Credit Saison Co Ltd dropped 23 yen to 1,706 yen.

Nippon Steel fell 3 yen to 151 yen and JFE Holdings Inc declined 33 yen to 1,025 yen.