Yen Advances 0.3%, Sony Electronics to Cut One Third Staff

Hiruki Nakamura
27 Feb, 2014
New York City

Stocks in Asia and in Tokyo were on the defensive as tensions rose in Eastern Europe and Russia prepared for a military exercise near a border with Ukraine. The edged up 0.3%. Sony Electronics, the U.S. based unit of Sony plans to cut 1,000 jobs.

[R]4:30 PM Tokyo – Stocks in Asia and in Tokyo were on the defensive as tensions rose in Eastern Europe and Russia prepared for a military exercise near a border with Ukraine. The edged up 0.3%. Sony Electronics, the U.S. based unit of Sony plans to cut 1,000 jobs.[/R]

Stocks in Tokyo traded lower and market indexes declined 0.3% after indexes in Europe and in New York delivered mixed results.

The Nikkei 225 Stock Average fell 47.86 or 0.3% to 14,923.11 and the Topix index slipped 8 to 1,217.35.

The yen advanced after tensions rose in the Eastern Europe region. Russia prepared its combat aircrafts for an emergency strike and carry out military exercise near the border with Ukraine.

The yen gained 0.3% to 102.14 against the U.S. dollar and increased by the same amount to close at 139.66 per euro.

Stocks in Review

Toyota Motor Corp fell 8 yen to 5,909 yen. Honda Motor Co fell 6 yen to 3,699 yen. Nissan Motor Co Ltd slid 0.3% to 914 yen.

Sony decreased 7 yen to 1,757 yen after the U.S.-based subsidiary Sony Electronics, Inc said it will eliminate one-third of its staff or 1,000 employees in the current year.

Softbank Corp slipped 80 yen to 7,910 yen. Fast Retailing Co dropped 630 yen to 35,550 yen.

Calbee Inc gained 0.2% to 2,520 yen after the Japan-based snack confectionary, bakery foods maker will set up a fully owned unit to make and sell snack food in the U.K. in March.

Calbee (UK) Ltd snack plant is expected to start operations in January 2015. The company plans to merge its wholly owned Hiroshima-based subsidiary from July 1.

Osaka Gas Co Ltd rose 0.2% to 422 yen after the Japan-based gas producer and Chubu Electric Power Co each plan to invest approx $600 million worth 25% stake in a gas export facility at the Freeport LNG gas project in Texas.

Nintendo Co., Ltd declined 3.9% to 12,490 yen.