Nikkei in Longest 4-Day Slump Since November

Hiruki Nakamura
02 May, 2013
New York City

Stocks in Tokyo edged lower for the fourth day in a row, the longest decline since November, on global economic growth worries. Daiwa Securities reported largest quarterly profit in seven years. Tokyo Steel estimated higher sales in second half. Japanese automakers declined on weak U.S. sales.

[R]5:30 PM Tokyo – Stocks in Tokyo edged lower for the fourth day in a row, the longest decline since November, on global economic growth worries. Daiwa Securities reported largest quarterly profit in seven years. Tokyo Steel estimated higher sales in second half. Japanese automakers declined on softer than expected U.S. sales.[/R]

Stocks in Tokyo declined for the fourth day in a row on the global economic growth worries. Markets are scheduled to reopen on Tuesday after two days of public holiday.

Market indexes extended losses for the fourth day, the longest since November when Prime Minister Shinzo Abe began campaign to provide economic stimulus and fiscal policies to promote growth and urged central bank to lift its inflation target.

The Nikkei 225 Stock Average slipped 105.31 or 0.8% to 13,694.04 and the broader Topix Index fell 5.09 to 1,153.28.

Investors sold automobile stocks after U.S. sales of Japanese makers were lower than expected in April.

Stocks in Review

Daiwa Securities Group declined 2% despite the second largest brokerage firm reported its largest quarterly profit in seven years. The stock had rallied 32% in April.

Takeda increased 2.3% after a U.S. court overturned $6.5 million jury verdict over its Actos diabetes drug.

Nomura up 0.3% to 773 yen and Dai-Ichi Life Insurance fell 1.2%. Mitsui Fudosan slid 0.7% and Mitsubishi Estate Co closed unchanged at 3,175 yen.

Toyota Motor Corp slipped 60 yen to 5,490 yen and Honda Motor Co. closed unchanged at 3,820 yen and Nissan Motor Co Ltd dropped 20 yen to 979 yen.

Toyota, Honda and Nissan declined after U.S. sales were lower than expected

Yamaha Motor Co Ltd slid 37 yen to 1,295 yen. Mitsubishi Motors Corp rose 1 yen to 114 yen.

Nippon Steel fell 9 yen to 248 yen and JFE Holdings Inc plummeted 99 yen or 4.8% to 1,985 yen.

Sony jumped 44 yen to 1,627. Canon Inc rose 5 yen to 3,445 yen and Nikon up 7 yen to 2,113 yen. TDK Corp gained 35 yen to 3,455 yen. NEC closed unchanged at 249 yen.

Nintendo Co. Ltd climbed 120 yen to 10,560 yen.

Sharp Co soared 5% after the liquid crystal display maker is expected to report a worse than 500 billion yen loss estimate in the year ended in March.

Fanuc Corp. climbed 180 yen to 14,560 yen and Komatsu Ltd plunged 108 yen or 4.1% to 2,507 yen. Hitachi Construction Machinery Co declined 46 yen to 2,194 yen.

Softbank Corp rose 5 yen to 4,750 yen.

FamilyMart Co Ltd, the convenience chain operator slid 10 yen to 4,395 yen and Lawson fell 20 yen to 7,580 yen. Ito En Ltd lowered 3 yen to 2,315 yen.

Seven & I Holdings Co slipped 45 yen to 3,685 yen. Fast Retailing Co. dropped 650 yen to 35,350 yen and J. Front Retailing Co. Ltd down 12 yen to 797 yen.

Mitsubishi UFJ Financial Group slid 1 yen to 653 yen and Sumitomo Mitsui Financial Group climbed 75 yen to 4,600 yen. Dai-Ichi Life fell 1.2% to 129,200 yen. Nomura Holdings, Inc rose 2 yen to 775 yen.