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Market Update

Nikkei in Tokyo Erases 1.7% in Broad Sell-Off

Author: Hiruki Nakamura
Last Update: 8:44 AM ET December 15 2015

4:30 PM Tokyo The Nikkei 225 extended its losses ahead of the U.S. Federal Reserve rate decision. J. Front Retailing said sales in November dropped 1.8%. Yahoo Japan agreed to acquire Ikyu Corp. for $830 million.

Shares in Tokyo declined on Tuesday as investors remained cautious ahead of the interest rate decision of the U.S. Federal Reserve tomorrow.

News from retailers announcing sluggish November sales additionally dampened investor sentiment.

Although the market is anticipating the first U.S. interest rate hike since 2008, the outcome and the extent of the hike is unclear.

J. Front Retailing said sales in November dropped 1.8% after wholesale business segment tumbled 11.9% and Takashimaya said sales in November slipped 1%.

SoftBank said Yahoo agreed to acquire Ikyu Corp. for as much as 100.2 billion yen or $830 million.

The Nikkei 225 Stock Average declined 317.56 or 1.7% to 18,565.90 and the broader Topix index slumped 25.33 or 1.7% to 1,502.55.

The yen strengthened against the dollar to 120.97.

Stocks in Review

Bridgestone Corporation slipped 1.7% to 4,158 yen after the tire maker raised its offer for the U.S.-based auto parts retailer Pep Boys Manny, Moe & Jack to $15.50 per share from the earlier offer of $15 per share.

J. Front Retailing Co Ltd dropped 1.7% to 1,781 yen after the department store operator said total sales in November dropped 1.8% from a year ago month.

The wholesale business segment tumbled 11.9%, compared to a decrease of 6.3% a year ago. Sales in the credit business jumped 3.2% from 3.4% in November 2014.

SoftBank Group Corp decreased 1.5% to 6,007 yen and Yahoo Japan Corporation, a joint venture between Softbank and Yahoo, agreed to acquire the online travel and reservation platform Ikyu Corp. for 100.2 billion yen.

Separately, SoftBank, which is investing $20 billion in the Indian solar energy sector, announced that it signed its first deal in Andhra Pradesh through the newly formed company, SBG Cleantech.

Takashimaya Company, Limited fell 1.4% to 1,018 yen after the department store operator said overall sales in November slipped 1%, mainly due to weak performance in the Eastern region and the cross-media business segment.

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