Nikkei in Tokyo Extend Losses

Hiruki Nakamura
24 Sep, 2014
New York City

Nikkei Stock Average dropped again on the weakness in metal and crude oil prices. The yen rebounded from its six-year low. Starbucks is set to acquire remaining stake in the Japan subsidiary. Amada Co, the maker of laser machinery estimated higher than expected six-month profit.

[R]4:30 PM Tokyo – Nikkei Stock Average dropped again on the weakness in metal and crude oil prices. The yen rebounded from its six-year low. Starbucks is set to acquire remaining stake in the Japan subsidiary. Amada Co, the maker of laser machinery estimated higher than expected six-month profit.[/R]

Stocks in Tokyo traded lower and weak commodities prices hovered trading sentiment for the third day this week.

Iron ore price in Shanghai traded at a new five-year low and worries of faster than expected slowdown in China.

The Nikkei 225 Stock Average fell 38.45 or 0.2% to 16,167.45 and the broader Topix index slid 4.70 to 1,326.18.

The yen rebounded from a six-year low of 109 to close at 108.51 against one U.S. dollar.

Stocks in Review

Aeon Co Ltd declined 2.7% to 1,090 yen after the Nikkei newspaper reported general merchandise retailer may acquire the remaining stake of 44.15% of Daiei Inc.

Amada Co Ltd gained 1.3% to 1,032 yen after the laser machinery products maker estimated operating profit of approximately 9 billion yen, ahead of expectations for the six month period.

Starbucks Coffee Japan, Ltd climbed 4.4% to 1,461 yen after the U.S.-based parent coffee-shop chain agreed to acquire remaining stake of 60.5% that it does not own through a two-step tender offer for about $913.5 million.

The transaction is expected to complete by the end of this year.