Nikkei Falls Back 1% Leading Asian Markets Decline

Nigel Thomas
21 Dec, 2012
New York City

The Nikkei index declined 1% after Asian markets sold off on the worries that U.S. lawmakers may not be able avoid differences and jeopardize anemic growth rate. The yen declined and resource sector stocks led the decliners.

[R]7:00 PM Tokyo – The Nikkei index declined 1% after Asian markets sold off on the worries that U.S. lawmakers may not be able avoid differences and jeopardize anemic growth rate. The yen declined and resource sector stocks led the decliners.[/R]

Stocks in Tokyo sold off after markets in Asia reacted first to the failure of U.S. lawmakers to resolve budget negotiations that could raise the prospect of a recession.

Resource stocks led the decliners and exporters fell after the yen edged higher and worries of the growing prospect of automatic tax increase and spending cuts.

Investors took an opportunity to sell stocks after the Nikkei index rallied more than 15% in the last five weeks.

The Nikkei 225 Stock Average declined 99.27 or 1% to 9,940.06 and the broader Topix Index slumped 5.89 to 832.72. For the week, the Nikkei climbed 2.1%.

The yen edged higher and closed at 84.02 against one dollar.

Stocks in Review

Kansai Electric Power advanced 34 yen to 956 yen and Tokyo Electric Power Co slipped 9 yen to 224 yen. Shikoku Electric climbed 22 yen to 1,408 yen and Chubu Electric Power Co added 1 yen to 1,158 yen.

Toyota Motor Corp. declined 95 yen to 3,785 yen and Honda Motor Co. slipped 15 yen to 3,000 yen and Nissan Motor Co Ltd dropped 19 yen to 763 yen. Mazda Motor Corp slid 3 yen 147 yen. Isuzu Motors Ltd slipped 7 yen to 480 yen.

Nippon Steel decreased 9 yen to 200 yen and JFE Holdings Inc slipped 9 yen to 1,505 yen. Tokyo Steel Manufacturing lowered 3 yen to 381 yen.

All Nippon Airways closed unchanged at 176 yen and. JAL jumped 25 yen to 3,710 yen.

Fujikura Ltd down 4 yen to 248 yen and TDK declined 105 yen to 2,995 yen. Murata Manufacturing Co dropped 110 yen to 4,760 yen and Meiko Electronics Co Ltd decreased 1.9% or 678 yen.

Shimano Inc declined 30 yen to 5,670 yen.

Oki Electric Industry down 3 yen to 91 yen, Ricoh Co Ltd declined 29 yen to 907 yen, Sony Corp decreased 15 yen to 906 and Seiko Epson Corp slumped 6 yen to 623 yen.

Canon Inc declined 50 yen to 3,305 yen and Nikon plummeted 56 yen to 2,393 yen.

Olympus Corp. slipped 10 yen to 1,533 yen after the company said its proposed merger of its medical business with Sony Corp may be delayed on winning international regulatory approval.

Nintendo Co. Ltd slumped 200 yen to 8,550 yen, Fujitsu slid 2 yen to 345 yen and Pioneer Corp. plunged 12 yen or 5.3% to 213 yen.

Sharp Corp decreased 7 yen to 295 yen. Panasonic Corp slid 7 yen to 501 yen.

Fanuc Corp. declined 240 yen to 14,830 yen and Komatsu Ltd decreased 18 yen to 2,076 yen. Hitachi Construction Machinery Co gained 3 yen to 1,687 yen.

Sumitomo Heavy dropped 11 yen to 381 yen.

FamilyMart Co Ltd, the convenience chain operator slipped 35 yen to 3,535 yen and Lawson climbed 10 yen to 5,790 yen. Ito En Ltd added 3 yen to 1,590 yen.

Seven & I Holdings Co slumped 36 yen to 2,374 yen.

Fast Retailing Co. declined 280 yen to 20,090 yen and J. Front Retailing Co. Ltd closed unchanged at 430 yen.

Mitsubishi UFJ Financial Group slid 2 yen to 438 yen and Sumitomo Mitsui Financial Group closed unchanged at 3,035 yen. Nomura Holdings, Inc gained 2 yen to 431 yen.

Mitsui O.S.K. Lines, Ltd down 1 yen to 226 yen and Nippon Yusen K.K. lowered 3 yen to 186 yen.