Japanese shares decline as the Yen strenghtens

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Source: Dukascopy Bank SA
Japanese equities dropped, heading the Nikkei 225 Stock Average to post the biggest two-day decline since November 2011, as the Yen appreciated prior to Italy's bond sale after unconvincing elections fueled concerns over a new debt turmoil in Europe. The Nikkei 225 Index tumbled 1.3% to 11,253.97. All groups in the index inched lower. MS&AD Insurance Group Holdings slumped 4.5% to close at 1,854 yen, pacing losses in financial shares that slid 1.6%. NKSJ Holdings Inc. skimmed 4.4% to 1,902 yen, also dragging down financials. Another market loser was Kawasaki Kisen Kaisha with a 4.2% decline, falling from its yesterday's high at 208 yen, as its stock rating was downgraded to neutral from buy. Meanwhile, Fujikura was the top performer, as its shares jumped 9.4% to cap losses in industrial shares, even though copper-alloy output decreased for a third consecutive month amid subdued auto demand.

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