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Market Update

Nikkei Closes Down 0.9% After Reaching Above 11,000; Fanuc Plunges 7%

Author: Nigel Thomas
Last Update: 9:33 AM ET January 28 2013

5:00 PM Tokyo Stocks in Japan traded higher and the index crossed 11,000 for the first time since April 2010 but closed lower. The yen declined as low as 91. Fanuc dropped after it lowered earnings outlook. Toyota reported rising global auto sales. Takeda closed up on winning a drug approval.

Market indexes in Tokyo traded above 11,000 after the yen weakened and investors awaited earnings reports this week. The index dropped at close after the yen strengthened.

Investors are looking ahead to a string of earnings report this week. Canon Corp and Sumitomo Mitsui are among the companies to release earnings on Wednesday. And, Softbank, Nomura Holdings and Toshiba are schedule to release earnings on Thursday.

The Nikkei 225 Stock Average dropped 102.34 or 0.9% to 10,824.31 and the broader Topix Index slid 3.31 to 913.78.

The yen briefly traded at 91 to one dollar but edged down below 91 at close.

Stocks in Review

Nidec Corp, the maker of precision motors dropped 3.5% to 5,040 yen after it lowered its net income outlook by 91%.

GS Yuasa was in focus after Japanese regulators said for now they have found no problems associated with lithium-ion battery made by the company used in the Boeing Dreamliner. However, investigators said they may return later after investigating Kanto Instruments made testing equipment more.

GS Yuasa climbed 15 yen or 4.8% to 329 yen, IHI slumped 6 yen to 234 yen and Fuji Heavy Industries slid 5 yen to 1,187 yen. All Nippon Airways Co fell 3 yen to 177 yen.

Toyota Motor Corp. declined 25 yen to 4,315 yen despite reporting that global auto sales increased and Honda Motor Co. dropped 20 yen to 3,400 yen and Nissan Motor Co Ltd climbed 21 yen to 895 yen. Mazda Motor Corp closed unchanged at 232 yen.

Nippon Steel slid 3 yen to 230 yen and JFE Holdings Inc jumped 18 yen to 1,765 yen.

Shimano Inc gained 10 yen to 5,910 yen.

Sony Corp surged 117 yen or 9.1% to 1,407, Canon Inc declined 20 yen to 3,330 yen and Nikon decreased 23 yen to 2,551 yen. TDK Corp increased 30 yen to 3,160 yen.

Nintendo Co. Ltd climbed 330 yen to 9,590 yen and Pioneer Corp. jumped 9 yen or 4.1% to 227 yen.

Sony surged 9% and Nintendo gained 3% after China Daily reported that China may lift ban on manufacturing and importing of game console that has been in place since the year 2000.

Fanuc Corp. plunged 1,020 yen or 7% to 13,550 yen and Komatsu Ltd dropped 31 yen to 2,355 yen. Hitachi Construction Machinery Co decreased 29 yen to 1,925 yen.

Fanuc dropped 7% after the maker of robots declined after it lowered its full-year earnings outlook.

Hitachi High-Technologies dropped 10% after its weak third quarter earnings results suggested that full-year earnings may be lower than expected.

Softbank Corp jumped 15 yen to 3,040 yen.

FamilyMart Co Ltd, the convenience chain operator climbed 40 yen to 3,700 yen and Lawson closed unchanged at 6,510 yen. Ito En Ltd slipped 15 yen to 1,722 yen.

Seven & I Holdings Co climbed 84 yen to 2,794 yen. Fast Retailing Co. declined 270 yen to 22,940 yen and J. Front Retailing Co. Ltd added 2 yen to 500 yen.

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Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc