Nikkei Declines 0.7%, Panasonic Debt Rating Cut

Nigel Thomas
11 Sep, 2012
New York City

Stocks in Tokyo trading were on the defensive after China reported weak economic data and U.S. employment rebound was less than expected. Electronic chip-equipment makers declined after Intel lowered its annual view.

[R]5:00 PM Tokyo – Stocks in Tokyo trading were on the defensive after China reported weak economic data and U.S. employment rebound was less than expected. Electronic chip-equipment makers declined after Intel lowered its annual view.[/R]

Tokyo stock markets closed lower on the prospect of higher yen and struggling auto exports in China.

Investors were on the defensive on the rising prospects that the U.S. Federal Reserve will announce another round of monetary stimulus that may strengthen the yen. In addition, auto makers traded lower after sales declined in China on the diplomatic rift.

The Nikkei 225 Stock Average slumped 61.99 or 0.7% to 8,807.38 and the broader Topix Index slid 5.08 to 732.26.

Stocks in Review

Toyota Motor slumped 1.7% to 3,170 yen, Honda Motor Co. down 6 yen to 2,589 yen and Nissan Motor Co Ltd decreased 7 yen to 741 yen.

Nippon Steel slid 5 yen to 161 yen and JFE Holdings Inc dropped 23 yen to 1,051 yen. Tokyo Steel Manufacturing slipped 8 yen to 273 yen.

Canon Inc increased 21 yen to 2,574 yen and Seiko Epson Corp gained 5 yen to 500 yen and Ricoh Co Ltd down 1 yen to 619 yen. Sony Corp slid 3 yen to 918.

Panasonic Corp decreased 9 yen to 534 yen after Moody’s rating service lowered its debt rating to Baa1 from A2 and highlighted weakening earnings and large debt load.

Nikon declined 63 yen to 2,033 yen and Toshiba Corp, the maker of NAND flash chips lowered 2 yen to 254 yen.

Olympus gained 1.2% to 1,468 yen, Nintendo Co. Ltd dropped 100 yen to 8,710 yen, Fujitsu slid 0.9% to 316 yen and Pioneer Corp. down 1 yen to 243 yen. Sharp Corp gained 3% to 208 yen.

Fanuc Ltd declined 210 yen to 12,890 yen and Komatsu Ltd plummeted 43 yen to 1,600 yen. Hitachi Construction Machinery Co dropped 38 yen to 1,309 yen.

Tokyo Electron Ltd slipped 2.3% and Advantest Corp dropped 3% after Intel lowered its annual outlook and cut its capital expenditure plan in the year.

FamilyMart Co Ltd, the convenience chain operator gained 15 yen to 3,695 yen, Lawson increased 40 yen to 5,690 yen and Seven & I Holdings Co gained 27 yen to 2,352 yen. Ito En Ltd slid 4 yen to 1,545 yen.

Yamada Denki lowered 5 yen to 3,695 yen. Nitori Holdings Co climbed 100 cents to 8,000 yen, apparel retailer Shimamura increased 30 yen to 9,020 yen and Sagami Co soared 6 yen or 5.2% to 122 yen.

Fast Retailing Co. advanced 50 yen to 18,080 yen and J. Front Retailing Co. Ltd gained 8 yen to 411 yen.

Kajima Corp slid 2 yen to 213 yen and Taisei Corp lowered 3 yen to 208 yen. Sekisui House Ltd increased 6 yen to 767 yen and Daito Trust Construction Co Ltd declined 30 yen to 7,720 yen.

Tokyo Tatemono Co., Ltd slipped 6 yen to 268 yen and Mitsui Fudosan dropped 21 yen to 1,506 yen and Sumitomo Realty & Development Co. declined 54 yen to 1,961 yen.

Inpex Corp down 0.7% to 445,000 yen and Japan Petroleum Exploration Co. plummeted 36 yen to 2,999 yen. Tokyo Electric Power Company, Inc. added 3 yen to 132 yen.

Mitsui O.S.K. Lines, Ltd slipped 5 yen to 183 yen and Kawasaki Kisen Kaisha, Ltd up 1 yen to 95 yen and Nippon Yusen K.K. down 2 yen to 139 yen.

Mitsubishi UFJ Financial Group slid 4 yen to 362 yen and Sumitomo Mitsui Financial Group slumped 19 yen to 2,459 yen. Nomura Holdings, Inc lowered 2 yen to 284 yen.

Tokio Marine slipped 11 yen to 1,964 yen and Mito Securities down 3 yen to 142 yen.

Credit Saison Co Ltd declined 37 yen to 1,793 yen.