Tokyo Indexes Drift Lower

Hiruki Nakamura
17 Jan, 2014
New York City

Stocks in Tokyo traded mixed and market indexed fell 0.9% in the week. Foreign investors sold a net 287 billion yen of Japanese stocks in the week ending on Jan 10, Ministry of Finance reported today. Nintendo dropped on weak outlook.

[R]4:30 PM Tokyo – Stocks in Tokyo traded mixed and market indexed fell 0.9% in the week. Foreign investors sold a net 287 billion yen of Japanese stocks in the week ending on Jan 10, Ministry of Finance reported today. Nintendo dropped on weak outlook.[/R]

Stocks in Tokyo traded mixed and the broader Topix index pared weekly losses and the Nikkei eased.

For the week, indexes dropped for the second week in a row and the yen continued its downward slide against the dollar.

Foreign investors sold a net 287 billion yen of Japanese stocks in the week ending on Jan 10, Ministry of Finance reported today.

The Nikkei 225 Stock Average slid 12.74 to 15,734.46 and the Topix index edged up 3 to 1,297.39.

For the week, Nikkei 225 declined 0.9% and in the year-so-far the index fell 3.4% after surging 56.7% in 2013.

The yen dropped to 104.40 against the U.S. dollar.

Stocks in Review

Toyota Motor Corp slumped 61 yen to 6,200 yen. Honda Motor Co dropped 42 yen to 4,141 yen. Nissan Motor Co Ltd slid 1 yen to 958 yen.

Sony fell 24 yen to 1,780 yen.

Softbank Corp lowered 2 yen to 8,888 yen. Fast Retailing Co slipped 190 yen to 38,630 yen.

Daiwa Securities Group Inc slipped 0.9% to 1,013 after the financial brokerage company will increase fees for stock trade as much as 3% from this April on higher tax.

Nintendo Co., Ltd dropped 2.8% to 14,645 yen after the game console maker expects net sales for the year at 590 billion yen compared to earlier estimate of 920 billion yen.

Revised net for the year swung to a loss of 25 billion yen from the projected net income of 55 billion yen.

For the financial year ending in March, the company estimated operating loss of 35 billion yen or $336 million against the initially projected profit of 100 billion yen, citing weaker than expected Wii U and 3DS game consoles.

Nomura Holdings, Inc slid 0.1% to 799 yen and the Japan-based broker plans to raise trading fees by about 3% for individual investors from April and pass on higher taxes.

Nomura may increase fees for on mergers and acquisitions advisory services and on bond sales management.