"This quarter's earnings have shown that Japanese exporters are badly affected by the slowdown in China, the recession in Europe and the yen's appreciation"
- Norihiro Fujito, a senior investment strategist at Mitsubishi UFJ Morgan Stanley Securities Co.
Japanese stocks fell on Wednesday after a report showed China's manufacturing expanded less than forecast and company earnings missed estimates.
The Nikkei 225 Stock Average fell 0.61 per cent, or 53.21 points, to 8,641.85. The broader Topix Index erased 0.89 per cent, or 6.53, to 729.78.
"This quarter's earnings have shown that Japanese exporters are badly affected by the slowdown in China, the recession in Europe and the yen's appreciation," said Norihiro Fujito, a senior investment strategist at Mitsubishi UFJ Morgan Stanley Securities Co.
"Given that the Chinese economy hasn't bottomed yet, next quarter's earnings could be even worse and share prices may keep sliding. It's difficult to see a recovery by the end of the year."
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