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Asia: Yen strength, US data depresses Nikkei
Wed, 08 Feb, 2012
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Asia: Yen strength, US data depresses Nikkei
Wed, 25 Aug 2010, 08:31:00
The Nikkei fell 1.66%, with exporters leading the decline, as the yen remained strong and after a plunge in US home sales. US existing home sales data for July slumped 27.2% to their lowest level in 15 years. Shares of <b>Canon</b> fell 2.4%, <b>Elpida Memory</b> gave up 2%, Nikon retreated 1.4% and <b>Honda</b> skidded 3.14%. Meanwhile data from the Finance Ministry showed Japan's monthly exports rose 23.5% from the same time a year ago, less than June's 27.7% gain. The data underlined fears about the economic slowdown and the effects of a strong yen. The Nikkei today reported that the Bank of Japan is considering further steps to loosen monetary policy to cool the surging yen. The benchmark Nikkei 225 index closed 149 points lower at 8,845. The Hang Seng traded in the red as markets digested the record plunge in US home sales. <b>Manulife</b> slumped 4.3% in Hong Kong while <b>HSBC</b> fell 0.46%. <b>China Shenhua</b> shed 1.72%. <b>Aluminum Corp of China</b> or Chalco declined 3.2% as metal prices declined. Mobile phone giant <b>Foxconn International</b> lost 2.3%. On a brighter note, shares of <b>Belle International</b> jumped over 4% after the ladies shoe retailer forecast better than expected sales growth. Shares of <b>Bright Smart Securities & Commodities</b> rallied over 10% on its stock market debut. The Hang Seng index fell 2 points to 8,845 in Hong Kong.
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