Japanese shares retreated on profit taking

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Source: Dukascopy Bank SA
© Scanpix/AFP
Japan's stocks were mostly lower on Wednesday as investors have become increasingly concerned about lack of progress in the US fiscal talks. Meanwhile, stronger national currency and profit taking hit exporters that witnessed a sharp increase during last sessions. However, mounting hopes that BoJ will ease its monetary policy after December's election and positive news from the Eurozone limited the downswing. The Nikkei 225 Index plunged 1.22% to close at 9,308.35. All sectors dropped. The top-losers were technology and basic materials sectors. Alps Electric and Citizen Holdings slumped 6.7% and 4.39%, while Denki Kagaku Kogyo and JFE Holdings shed 3.27% and 3.87%. Exporters were bearish, with Pioneer and Mazda Motor retreating 5.91% and 2.34%. Canon dropped 3.06% after Nikkei business daily reported that the firm plans to reduce inventories drastically by the end of 2012. Meanwhile, Fujitsu dipped 2.62% on news that the company will allocate JPY100 billion to increase required capital at its UK unit's pension fund.


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