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Asia: Tokyo stocks down sharply
Wed, 08 Feb, 2012
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Asia: Tokyo stocks down sharply
Tue, 31 Aug 2010, 08:50:00
The Nikkei fell 3.36% on Tuesday, its biggest decline in three weeks, as the yen continued to rise against major currencies and investors brace themselves for this week's US economic data. Markets were mostly unimpressed with measures announced yesterday by the Bank of Japan to stop further appreciation of the yen and encouarge economic growth. Exporters fell by the wayside with shares of <b>Canon</b> down 4.18%, <b>Sony</b> off 3.86% and <b>Toyota</b> falling 2.46% in Tokyo. Peers <b>Nissan Motor</b> fell 0.6% while <b>Honda Motor</b> dropped 2.63%. Banks were also hit with shares in <b>Mitsubishi UFJ Financial</b> falling over 2%. Techs were also down with <b>Tokyo Electron</b> down 4.5% and <b>Elpida Memory</b> 4.6% lower. <b>Inpex</b> tumbled 3.5% while <b>Japan Petroleum Exploration</b> lost nearly 4% as crude prices fell. The benchmark Nikkei 225 index closed down 325 points at 8,824 in Tokyo. The Hang Seng also traded lower as shares of <b>Foxconn International</b> weighed the most. Shares in the mobile phone giant slumped over 8% in Hong Kong after it said first half losses widened. Losses were seen across the board with heavyweights <b>HSBC</b> down 1.68%, <b>China Mobile</b> off 1.24% and <b>Manulife</b> losing 2.74%. <b>Sun Hung Kai Properties</b> dropped 2%. The Hang Seng index fell 200 points at 20,536 in Hong Kong.
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