Nikkei tumbled after retail sales data

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Source: Dukascopy Bank SA
Japanese equities plummeted on Thursday on negative data from the national economy. Japan's retail sales dropped by annualized 2.3% last month, defying expectations of a 0.9% increase. Japanese stock average also came under pressure amid weakness in financial stocks as investors were cautious ahead of planned reopening of banks in Cyprus. The Nikkei 225 Index tumbled 1.26% to finish the session at 12,335.96. Only two industries out of ten witnessed gains; telecommunications and utilities rose 1.46% and 0.71%. KDDI Corp and Softbank Corp jumped 1.95% and 1.29%, while Tokyo Electric Power Co Inc. and Kansai Electric Power Co Inc. moved higher 2.85% and 1.71%. On the downside, oil and gas firms as well as industrials sagged 2.25% and 1.95%. Inpex and JX Holdings dropped 1.95% and 3.13%, while Chiyoda Corp and Fuji Electric Co fell 1.50% and 1.79%. Mitsubishi Motors Corp. also traded in red. The company slumped 3.92% after reporting that last week a lithium-ion battery in its plug-in hybrid Outlander overheated.
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Thu, 28 Mar 2013 11:06:06 GMT

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