Japanese equities lower amid Cyprus woes

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Source: Dukascopy Bank SA
Japanese equities declined on Tuesday amid worries that Cyprus international bailout plan will evoke losses on bank deposits in other European countries. In addition, exporters pared losses, as the Yen depreciated against its major peers after BOJ governor announced further steps for monetary easing. The Nikkei 225 Index dropped 0.6% to 12,471.62. Konica Minolta Holdings Inc., a lens maker that gets nearly one-third of its sales in European markets tumbled 6% to close at 705 yen. Furukawa Co slipped 5.7% to trade at 116 yen and paced losses in industrial shares that were 0.7% down. Citizen Holdings, a producer of watches and machine tools, erased 4.7%, adding to the 1.2% drop in consumer services. Meanwhile, NEC Corporation rallied 4.1% for the biggest jump on Nikkei on speculation the company will sell its stake in NEC Mobiling. Nippon Electric Glass Co rose 3.5% to 477 yen, up 16 yen, and capped further decrease in industrials, while NTN Corporation, a producer of machinery parts for industrial use, added 3.2% to 255 yen.

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