Nikkei tumbles, Nippon Sheet Glass limits losses

Source: Dukascopy Bank SA
Japanese equities gave back previous gains on renewed concerns over the Eurozone's debt crisis. Yields on Italian and Spanish bonds soared on Monday amid allegations of Spain's PM Mariano Rajoy of corruption. Weakness of the US stock market coupled with profit taking after a five-day winning streak also pushed Japan's stock index lower. The Nikkei 225 Index plunged 1.90% to close at 11,046.92. All industries plummeted. The top-performer was Nippon Sheet Glass, advancing 18% after Daiwa Securities Group raised its recommendation on the shares. Panasonic also finished in green area, up 3.90%, extending Monday's gains on upbeat quarterly results. At the same time, Toyota Motor lost 1.20% ahead of its quarterly results due after the bell. After the market close, Toyota Motor posted solid results and raised its 2013 outlook. Financials led losses in Nikkei 225 Index, with Bank of Yokohama and Fukuoka Financial Group declining 0.23% and 1.56%. Hitachi closed down 6.35% after lowering its profit forecast on weaker-than-expected Q3 results.
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