The Pause in Yen Slide Drags Nikkei in Tokyo

Hiruki Nakamura
23 Apr, 2013
New York City

Stocks in Tokyo edged lower after investors took profit in real estate and financial services companies. The yen paused its slide against the dollar and the Nikkei index fell 0.3%. Real estate stocks surged doubled after the Nikkei index soared 58% since November 2012.

[R]5:30 PM Tokyo – Stocks in Tokyo edged lower after investors took profit in real estate and financial services companies. The yen paused its slide against the dollar and the Nikkei index fell 0.3%. Real estate stocks surged doubled after the Nikkei index soared 58% since November 2012.[/R]

Stocks in Tokyo declined after investors took profit in real estate and financial services companies.

The pause in the yen slide arrested the recent market index gains after the G20 ministers and central bankers failed to criticize the latest stimulus in Japan.

The yen strengthened to 98.76 against one dollar.

The Nikkei 225 Stock Average slid 38.72 to 13,529.65 and the broader Topix Index edged lowered 1.82 to 1,143.78.

The preliminary read on manufacturing in China suggested weakening business activities in April. The latest survey conducted by HSBC and Markit indicated the index at 50.5 points compared to 51.6 points in March.

The reading above indicates expansion.

After a rebound in exports in March, orders for new exports in April weakened, suggesting external demand for China’s manufactured products.

China linked construction equipment makers declined. Hitachi Construction Machinery Co fell 0.3% and Komatsu eased 0.2%.

Stocks in Review

Yamada Denki, the largest electronics retailer in Japan, fell 5% to 4,710 yen after full-year net income declined 35%, lower than the company estimate of 34 billion yen.

Oki Electric soared 21% after a report in Nikkei newspaper said the company may report operating profit of 22 billion yen for the year ending in March 2014.

Nomura fell 0.9% to 752 yen and Dai-Ichi Life Insurance rose 1.3%. Mitsui Fudosan dropped 3.8% and Mitsubishi Estate Co declined 2.8%.

Toyota Motor Corp fell 40 yen to 5,510 yen and Honda Motor Co. slid 40 yen to 3,875 yen and Nissan Motor Co Ltd slipped 18 yen to 1,034 yen. Yamaha Motor Co Ltd rose 7 yen to 1,387 yen. Mitsubishi Motors Corp lowered 2 yen to 105 yen.

Nippon Steel up 2 yen to 250 yen and JFE Holdings Inc gained 9 yen to 1,964 yen.

Sony fell 9 yen to 1,625. Canon Inc added 10 yen to 3,790 yen and Nikon rose 3 yen to 2,206 yen. TDK Corp slumped 40 yen to 3,330 yen. NEC surged 20 yen or 7.6% to 284 yen.

Nintendo Co. Ltd dropped 210 yen to 11,430 yen.

Fanuc Corp. rose 10 yen to 15,180 yen and Komatsu Ltd slid 4 yen to 2,504 yen. Hitachi Construction Machinery Co lowered 7 yen to 2,160 yen.

Softbank Corp increased 20 yen to 4,435 yen.

FamilyMart Co Ltd, the convenience chain operator jumped 90 yen to 4,370 yen and Lawson climbed 100 yen to 7,450 yen. Ito En Ltd fell 1 yen to 2,488 yen.

Seven & I Holdings Co slumped 55 yen to 3,810 yen. Fast Retailing Co. declined 800 yen to 33,500 yen and J. Front Retailing Co. Ltd added 4 yen to 837 yen.

Mitsubishi UFJ Financial Group slid 10 yen to 643 yen and Sumitomo Mitsui Financial Group slipped 35 yen to 4,410 yen. Dai-Ichi Life rose 1.3% to 130,800 yen. Nomura Holdings, Inc fell 7 yen to 752 yen.