Japanese shares plunged in wake of GDP data

Source: Dukascopy Bank SA
© Scanpix/AFP
Japanese equities started the week in a red territory on weak data from the national economy. Japan's GDP contracted by 0.9% in Q3, indicating the first decline in three quarters. Moreover, trade between Japan and China dropped by annualized 2.1% in the first 11 months of the year. Solid Yen as well as worries over the US fiscal cliff also added to the negative mood of the market players. The Nikkei 225 Index plunged 0.93% to close at 8,676.44. All sectors included in the index sank. On the upside, Mazda Motor Corp. added 0.95% after announcing that Mazda and Toyota would produce Toyota vehicles for the North American market in Mexico.  At the same time, the top-losers were consumer goods and health care. Ajinomoto and Aeon plummeted 1.13% and 0.23%, while, Astellas Pharma and Dainippon Sumitomo Pharma declined 1.23% and 0.44%. Meanwhile, Sony Corp. slid 2.62% after Moody's downgraded the company's debt rating to Baa3, just one notch above the ‘junk' rating.


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