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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
Canon
fell 2.4%,
Elpida Memory
gave up 2%, Nikon retreated 1.4% and
Honda
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.
Manulife
slumped 4.3% in Hong Kong while
HSBC
fell 0.46%.
China Shenhua
shed 1.72%.
Aluminum Corp of China
or Chalco declined 3.2% as metal prices declined. Mobile phone giant
Foxconn International
lost 2.3%. On a brighter note, shares of
Belle International
jumped over 4% after the ladies shoe retailer forecast better than expected sales growth. Shares of
Bright Smart Securities & Commodities
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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