Japan Stocks Slip as Weaker Euro Hits Exporters Amid Debt Crisis Concern
By Norie Kuboyama and Satoshi Kawano – Jan 6, 2012 12:47 AM GMT+0000
Japanese stocks (TPX) declined for a second day as the euro fell to an 11-year low against the yen, clouding the earnings outlook for exporters and outweighing better-than- expected U.S. employment data.
Sony Corp. (6758), which gets about 20 percent of its sales in Europe, slid 1.3 percent after higher borrowing costs in a French bond auction added to concern the debt crisis is deepening. Olympus Corp. (7733), the camera maker mired in an accounting scandal, slumped 4 percent after former Chief Executive Officer Michael Woodford said he won’t battle for control of the company. Fast Retailing Co. rose 1.4 percent after the clothier’s sales jumped.
The Nikkei 225 (NKY) slipped 0.4 percent to 8,451.41 as of 9:32 a.m. in Tokyo. The broader Topix fell 0.5 percent to 732.54, heading for a weekly gain of 0.5 percent.
“We’re likely to see a tug of war in the market between the bad news in Europe and the good news of improving data in the U.S. economy,” said Juichi Wako, a senior strategist at Tokyo-based Nomura Holdings Inc.