Nikkei Declines 1.3% in Asian Markets Weakness

Hiruki Nakamura
28 Mar, 2013
New York City

Market indexes in Tokyo closed lower in sympathy with the decline in Asian markets after a sharp fall in Shanghai index. Domestically, investors looked ahead at the first central bank meeting next week under a new leadership. GS Yuasa Corp plunged 11% after more battery problems.

[R]5:30 PM Tokyo – Market indexes in Tokyo closed lower in sympathy with the decline in Asian markets after a sharp fall in Shanghai index. Domestically, investors looked ahead at the first central bank meeting next week under a new leadership. GS Yuasa Corp plunged 11% after more battery problems.[/R]

In trading, stocks were caught between the regional markets decline and central bank meeting next week.

Bank of Japan is scheduled to meet for two days from April 3 with the new leadership team and expectations are high that the central bank will bring forward its asset purchase program.

On Monday, central bank is also scheduled to release its quarterly business survey of corporate sentiment.

The yen decreased against the dollar and closed at 94.38 and gained against the euro to a one-month high of 119.95 before closing at 120.41.

The Nikkei 225 Stock Average declined 157.83 or 1.3% to 12,335.96 and the broader Topix Index slid 9.69 to 1,036.78.

Stocks in Review

Toyota Motor Corp dropped 75 yen to 4,825 yen and Honda Motor Co. declined 60 yen to 3,600 yen and Nissan Motor Co Ltd decreased 15 yen to 907 yen. Yamaha Motor Co Ltd slumped 33 yen to 1,266 yen.

Mitsubishi Motors Corp declined 4% after the automaker said its lithium-ion battery in hybrid Outlander overheated last week. The battery maker GS Yuasa Corp plunged 11%.

Nippon Steel fell 4 yen to 238 yen and JFE Holdings Inc declined 49 yen to 1,805 yen.

Sony dropped 50 yen to 1,625. Canon Inc slipped 75 yen to 3,450 yen and Nikon fell 30 yen to 2,205 yen. TDK Corp slid 70 yen to 3,285 yen. NEC closed up 0.4% to 250 yen.

Nintendo Co. Ltd slumped 50 yen to 10,160 yen.

Fanuc Corp. declined 350 yen to 14,390 yen and Komatsu Ltd slumped 49 yen to 2,233 yen. Hitachi Construction Machinery Co slipped 32 yen to 2,010 yen.

Softbank Corp climbed 55 yen to 4,320 yen.

FamilyMart Co Ltd, the convenience chain operator fell 30 yen to 4,295 yen and Lawson jumped 40 yen to 7,220 yen. Ito En Ltd gained 10 yen to 2,270 yen.

Seven & I Holdings Co rose 30 yen to 3,115 yen. Fast Retailing Co. slipped 220 yen to 29,930 yen and J. Front Retailing Co. Ltd down 15 yen to 732 yen.

Mitsubishi UFJ Financial Group closed unchanged at 564 yen and Sumitomo Mitsui Financial Group decreased 40 yen to 3,840 yen. Dai-Ichi Life rose 1.5% to 125,400 yen. Nomura Holdings, Inc dropped 9 yen to 580 yen.