Tokyo Stocks Decline, Honda Expands Capacity in Brazil

Hiruki Nakamura
27 Nov, 2013
New York City

Stocks in Tokyo declined after rising for two days in a row and the yen traded near the three-month low. Honda Motor began construction at a manufacturing plant in Brazil. Hitachi agreed to acquire India based payment processor Prizm Payment Services.

[R]4:30 PM Tokyo – Stocks in Tokyo declined after rising for two days in a row and the yen traded near the three-month low. Honda Motor began construction at a manufacturing plant in Brazil. Hitachi agreed to acquire India based payment processor Prizm Payment Services. Rakuten to begin trading on main board of TSE in December.[/R]

Stocks in Tokyo advanced and the yen extended losses as investors focused to overseas markets for a direction.

The Nikkei 225 Stock Average fell 65.61 or 0.4% to 15,449.63 and the Topix slid 5.94 to 1,247.08.

The yen rose to 101.58 against one dollar in a relief rally after falling for one week.

Stocks in Review

Toyota Motor Corp fell 30 yen to 6,320 yen. Nissan Motor Co Ltd closed unchanged at 927 yen.

Honda Motor Co. slid 40 yen to 4,240 yen after the automobile maker’s subsidiary in Brazil started construction of its new automobile production plant in Sao Paulo with an annual production capacity of 120,000 units and scheduled to operate in 2015.

Sony jumped 21 yen to 1,869 yen and the electronics products maker yesterday launched new high-end camera in India the Cyber-shot RX10 priced at Rs 84,990 or $1,400 an will be available from December.

Softbank Corp dropped 240 yen to 8,310 yen.

Fast Retailing Co. slipped 50 yen to 37,650 yen as the retailer plans a secondary listing in Hong Kong in first quarter of 2014.

Hitachi, Limited rose 0.1% to 728 yen after the diversified company agreed to acquire India-based Prizm Payment Services Pvt Ltd.

Panasonic Corporation climbed 3.5% to 1,167 yen on a media report that electronics products manufacturer plans to sell its three domestic semiconductor plants to Tower Semiconductor Ltd.

The company sources also added Panasonic is in talks with another company to sell its five overseas chip factories.

Rakuten Inc climbed 6.4% to 1,527 yen after the Tokyo Stock Exchange said the e-commerce operator will begin trading on main board from Jasdaq for emerging companies from December 3.

Toshiba Corporation gained 1.5% to 441 yen.