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"Auto-related companies are likely to cut their earnings outlook"
- Tomomi Yamashita, a senior fund manager at Shinkin Co.
Japanese stocks edged lower on Friday as car makers slid after Credit Suisse downgraded its rating on the industry. The Nikkei 225 lost 1.23%, or 104.72 points, to 8,374.91, while the broader Topix decreased 1.06%, or 7.73 points, to 719.98.
"Auto-related companies are likely to cut their earnings outlook," said Tomomi Yamashita, a senior fund manager in Tokyo at Shinkin Asset Management Co.
"First the supply problems caused by Thai floods, then the weakening demand from a global economic slowdown, especially from Europe, and on top of that a continuing strong yen."