7:00 PM Tokyo – Nikkei index in Tokyo turns lower from the four-week high after Asian markets drop and more companies report weak earnings outlook. Fanuc lowered its earnings outlook for the current year by 2% and NTT DoCoMo cut its estimate by 9%. Panasonic is expected shrink its mobile business and Canon cut its forecast.

Stocks in Tokyo were under pressure after Apple reported cautious outlook in the busiest quarter during the holiday season and the expectations of central bank action peaked.

Market sentiment was also weak after China Securities Journal said that Chinese funds had posted a 75 billion yuan or $12 billion loss in the quarter to September. Markets in Asia sold off after the news.

Japanese government today announced another stimulus plan of 750 billion yen or $9.4 billion ahead of the Bank of Japan meeting next week. Media reports speculated that the central bank is likely to expand its asset purchase program by 1 trillion yen.

The Nikkei 225 Stock Average plummeted 122.14 or 1.4% to 8,933.06 and the broader Topix Index declined 10.19 to 741.23. For the week, the Nikkei edged down 0.8%.

The yen strengthened against the dollar to 80.08 after falling as low as 80.38 yen.

Stocks in Review

Sharp Co gained 3.8% to 166 yen on the news that the struggling TV maker is in talks with various companies to shore up its capital including Intel, Hewlett Packard, Apple, Google and Microsoft.

Japan Airlines Co Ltd decreased 0.3% to 3,830 yen and All Nippon Airways added 0.6%.

Japan Tobacco slipped 0.7% to 2,299 yen.

Mitsui O.S.K. Lines, Ltd slumped 5 yen to 185 yen and Kawasaki Kisen Kaisha, Ltd slid 2 yen to 97 yen and Nippon Yusen K.K. down 3 yen to 146 yen.

Toyota Motor Corp. declined 55 yen to 3,080 yen and Honda Motor Co. dropped 74 yen to 2,516 yen and Nissan Motor Co Ltd slumped 18 yen to 685 yen.

Nippon Steel decreased 3 yen to 172 yen and JFE Holdings Inc slipped 8 yen to 1,128 yen. Tokyo Steel Manufacturing declined 13 yen or 4.9% to 252 yen.

Advantest Corp increased 3.6% after the company’s lowered profit outlook met market expectations.

TDK dropped 16 yen to 2,932 yen, Murata Manufacturing Co slumped 70 yen to 3,905 yen and Meiko Electronics Co Ltd slipped 2.2% or 613 yen.

Canon Inc plummeted 85 yen to 2,560 yen after the company lowered its net income outlook by 6.4% and cut its sales estimate of miniature camera by 9.5% and professional camera by 4.3%.

Shimano Inc fell 90 yen to 5,200 yen.

Seiko Epson Corp slumped 18 yen to 453 yen and Ricoh Co Ltd dropped 24 yen to 709 yen and Sony Corp decreased 12 yen to 946.

Panasonic Corp slipped 14 yen to 493 yen decreased 2.8% on the media reports that the company may shrink its mobile phone business after it suffers market losses to Apple and Samsung.

Nikon declined 60 yen to 2,014 yen and Toshiba Corp. slipped 6 yen to 283 yen.

Olympus Corp. decreased 1.4% to 1,381 yen, Nintendo Co. Ltd declined 300 yen to 10,310 yen, Fujitsu slipped 7 yen to 302 yen and Pioneer Corp. lowered 5 yen to 189 yen. Sharp Corp slid 5 yen to 189 yen.

Yamaha Corp declined 8% to 717 yen after the musical instruments maker said its net income for the six months ending in September were 3.3 billion yen, 45% lower than its previous estimate on lower than expected revenues.

Fanuc Corp. dropped 400 yen to 12,570 yen after net income fell 9.8% to 67 billion yen in six months ending in September missing its forecast by 11%. The company also guided full-year profit lower by 2%.