Tokyo Investors Shift Focus to Domestic Earnings

Hiruki Nakamura
18 Oct, 2013
New York City

Stocks in Tokyo closed lower but for the week Nikkei index added 3.8%. Toyota recalled 800,000 Camry sedans in the U.S. Bridgestone plans to expand its radial tire plant in Vietnam.

[R]4:30 PM Tokyo – Stocks in Tokyo closed lower but for the week Nikkei index added 3.8%. Toyota recalled 800,000 Camry sedans in the U.S. Bridgestone plans to expand its radial tire plant in Vietnam.[/R]

Investors in Tokyo focused on domestic earnings and economic developments in the region. Japanese companies are expected to report better than expected earnings on weaker yen.

The Nikkei 225 Stock Average fell 24.97 or 0.2% to 14,561.54 and the Topix close down 0.73 to 1,205.52. For the week, Nikkei 225 climbed 3.8%.

The yen closed at 98.55 against one dollar.

Stocks in Review

Toyota Motor Corp dropped 60 yen to 6,280 yen and automaker recalled nearly 803,000 Camry sedans in the U.S. for the model years 2012 and 2013 to fix air conditioning problems.

Honda Motor Co. fell 10 yen to 3,940 yen. Nissan Motor Co Ltd rose 5 yen to 1,027 yen.

Sony increased 8 yen to 1,930 yen.

Softbank Corp slipped 20 yen to 7,280 yen. Fast Retailing Co. slid 300 yen to 33,850 yen.

Bridgestone Corporation dropped 1.5% to 3,515 yen after the Japan-based tire maker plans to invest 41.6 billion yen to increase plant capacity of radial tire for passenger car in Vietnam.

Nippon Steel & Sumitomo Metal slipped 1.5% to 337 yen after Credit Suisse downgraded stock to “neutral” from “outperform.”

Skymark Airlines Inc 0.6% to 351 yen after the Japan-based aviation company lowered its profit forecast for the year to 30 billion yen from 30.4 billion yen in the first-half ended in September.