Japanese equities sank on weak domestic data

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Source: Dukascopy Bank SA
© Scanpix/AFP
Japanese shares posted sharp losses on Thursday amid disappointing data from domestic economy. Japan's current account dropped unexpectedly while core machinery orders slumped more than expected last month. Moreover, weakness in US stocks coupled with firm Yen created additional pressure on the Japan's blue chips. Meanwhile, traders turned their attention to Chinese Communist Party Congress where the leadership change will take place. The Nikkei 225 Index sank 1.51% to close at 8,837.15. All sectors tumbled. However, some companies managed to jump. Isuzu Motors rose 4.67% after raising its full-year operating profit target despite lower copper prices. Meanwhile, majority of firms dropped. The top-losers were technology companies and banks. Alps Electric, Citizen Holdings and Hitachi retreated 3.42%, 7.91% and 1.43, respectively. Among financials, Aozora Bank and Bank of Yokohama plummeted 1.74% and 1.09%. Industrials also were bearish. Oki Electric Industry sagged 9.41% after cutting its profit estimate for the current fiscal year.

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Thu, 08 Nov 2012 13:56:11 GMT

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