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Market Update

Nikkei Trims Early Losses on China Data and Weaker Yen

Author: Hiruki Nakamura
Last Update: 10:18 AM ET August 22 2013

4:30 PM Tokyo Stocks in Tokyo closed lower and in weak trading volume and investors focused on improving manufacturing data from China and ongoing concern about the early withdrawal of stimulus in the U.S.

Stocks in Tokyo traded lower and Nikkei in volatile trading dropped as investors digested latest minutes of Fed meeting and better than expected manufacturing data from China.

The Fed statement showed a broad support for the early withdrawal of stimulus program however several participants expressed a view to hold off any action till more economic data are available.

Separately, a private survey in China showed manufacturing index increased to a four-month high in August on rising new orders.

A preliminary survey from HSBC Holdings Plc and Markit Economics indicated its purchasing managers index increased to 50.1 from 47.7.

The improvement in manufacturing sector is China follows the weakest reading in the sector in July in a year.

The Nikkei 225 Stock Average slipped 59.16 or 0.4% to 13,365.17 and the Topix fell 2.18 to 1,119.56.

The yen strengthened to 98.12 against one dollar.

Stocks in Review

Toyota Motor Corp rose 20 yen to 6,050 yen and Honda Motor Co. added 25 yen to 3,640 yen. Nissan Motor Co Ltd fell 5 yen to 994 yen.

Sony dropped 31 yen to 1,906 yen.

Softbank Corp slid 20 yen to 6,190 yen and Fast Retailing Co. declined 200 to 31,100 yen.

Mitsubishi Heavy Industries, Ltd fell 0.9% to 547 yen after the diversified manufacturer said its aircraft division will not deliver its first plane for a year. Earlier the company had scheduled first test drive for its passenger jet in October.

Sharp Corporation slipped 0.8% to 397 yen and the electronic equipment maker is likely to postpone the public and private share offerings to raise nearly 100 billion yen in September, according to a Bloomberg report.

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