4:30 PM Tokyo – Stocks in Tokyo edged down after surging on Monday but indexes are still leading developed markets in the year. The yen dropped to 103.39 against one dollar. Large Japanese companies turned less positive for business conditions in the current quarter.
Stocks in Tokyo eased and market averages scaled back after a surge on Monday when indexes gained the most in one day since May.
The Nikkei 225 Stock Average slumped 38.90 or 0.2% to 15,611.31 and the Topix rose 1.01 to 1,256.33.
The yen closed at 103.39 against one dollar.
Investors are still positive on Japanese stocks and foreign investors continue to add positions in Japan on the expectation of additional easing by the central bank in the next six months.
Large Japanese companies turned less optimistic for business conditions in the current quarter to December, according to a government survey released today.
Stocks in Review
Toyota Motor Corp slipped 30 yen to 6,270 yen. Honda Motor Co. dropped 45 yen to 4,250 yen. Nissan Motor Co Ltd gained 7 yen to 910 yen.
Sony declined 36 yen to 1,862 yen.
Softbank Corp closed unchanged at 8,900 yen. Fast Retailing Co. fell 550 yen to 38,150 yen.
gained 1.3% to 1,276 yen and the trading company plans to raise its annual dividend-to-earnings ratio to around 25% next fiscal year. In the first-half to September, Itochu reported net profit soared 16% to 165.1 billion yen.
Kawasaki Heavy Industries Ltd
slid 0.7% to 422 yen and the transportation and industrial equipment maker starts to build a factory in Aichi Prefecture for the production of the Boeing 787 Dreamliner and expected to be completed by the end of 2014.
Nomura Holdings, Inc
slipped 0.5% to 787 yen.
jumped 2.1% to 950 yen after the high-purity silicon maker expects group operating profit for the eleven months to December to increase by 17 billion yen from prior guidance.
Sales for the fiscal eleven months are expected to beat earlier forecast by 3 billion yen to 183 billion yen as the company’s fiscal 2013 results cover only 11 months on the account of a change in its earnings period.
Yahoo Japan Corporation
soared 5.5% to 559 yen after Goldman Sachs in a research note issued a ''buy'' view from the previous ''neutral'' view for the Internet services provider.