Nikkei in Tokyo Drops 0.7%, McDonald's Japan Drops 3%

Hiruki Nakamura
07 Oct, 2014
New York City

Stocks in Tokyo declined and the yen rebounded. J. Front Retailing reported sales in the first-half ending in August declined 0.2%. McDonald''s Holdings Co Japan estimated loss in the fiscal year as sales suffer on tainted chick supplies worries.

[R]4:30 PM Tokyo – Stocks in Tokyo declined and the yen rebounded. J. Front Retailing reported sales in the first-half ending in August declined 0.2%. McDonald''s Holdings Co Japan estimated loss in the fiscal year as sales suffer on tainted chick supplies worries.[/R]

Market indexes in Tokyo traded lower after surging in Monday’s trading and the yen recovered against the U.S. dollar.

The Nikkei 225 Stock Average slipped 107.12 or 0.7% to 15,783.83 and the broader Topix index fell 5.51 to 1,290.89.

The yen gained 0.2% and closed at 108.70 against one dollar.

Stocks in Review

Ait Corporation declined 3.6% to 771 yen after the cargo delivery service provider said net sales in the second-quarter ending in August climbed 12.7% to 10.16 billion yen from 9.02 billion yen a year ago period.

Net income in the quarter plunged 21% to 377 million yen compared to 477 million yen and earnings per share declined to 19.73 yen from 24.97 yen a year earlier.

J. Front Retailing Co Ltd slid 0.2% to 1,375 yen after the department stores operator reported net sales in the first-half ending in August fell 0.2% to 557.63 billion yen from 558.69 billion yen a year ago period.

Net income in the quarter tumbled 61.9% to 7.80 billion yen compared to 20.46 billion yen and diluted earnings per share dropped to 29.56 yen from 77.48 yen a year earlier.

McDonald''s Holdings Co (Japan) Ltd dropped 2.5% to 2,638 yen after the fast food chain forecasted net loss for the current fiscal year ending in December of 17 billion yen or $157 million, as sales suffered on the worries of contaminated chicken supply from China.