Japanese shares extend losses as Yen strenghtens

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Source: Dukascopy Bank SA
Japanese equities retreated, extending their losses for a third straight day, as the Yen appreciated after Bank of Japan announced it would launch open-ended stimulus package only after a year. The Nikkei 225 slid 2.1% to 10,486.99. All but one group in the gauge slumped. Nisshin Steel Holdings Co decreased 9.7% to 644 yen and prompted basic materials to erase 2.7% after UBS AG downgraded its investment rating on the company's stock. Advantest Corporation, a producer of semiconductor testing devices and electronic measuring instruments, lost 6.7% to 1272 yen leading losses in the industrial group that was 2.44% down. Furthermore, Tokuyama Corporation that produces organic and inorganic chemicals eased 6.6% to 170 yen to also pace losses in the industrial shares. Meanwhile, among best performers were Pacific Metals that rose 2.4%, the most in the index, and bounded further losses in basic materials shares, while Chiba Bank added 2% to 556 yen after CLSA upgraded its stock rating from underperform to buy.
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