4:30 PM Tokyo – Nikkei and Topix indexes closed lower after analysts held out for weaker yen in the next six months. Crude oil futures declined to a five-year low and metals trended lower after speculators exit the market. Token Corporation, the construction company reported first-half results in line with expectations.
Stocks in Tokyo closed lower following weakness in the resource companies and the currency traders revved up the talk of the yen hitting as low as 125 yen in the next six months.
The Nikkei 225 Stock Average slipped 122.26 or 0.7% to 17,813.38 and the broader Topix index decreased 11.49 to 1,436.09.
The yen gained 1.7% to 120.02 against one dollar but analysts held out for lower yen in the next six months.
Crude oil futures declined to a five-year low as speculators exit the market and global supply stays ahead of global demand.
Stocks in Review
Mizuho Financial Group Inc
gained 1.4% to 208.40 yen after the banking service provider postponed to acquire a stake in Indonesia-based lender PT Bank Pan Indonesia Tbk from Australia & New Zealand Banking Group.
In an interview with Reuters, president Yasuhiro Sato said """"(The talks) have taken a slightly backward step"""" without indicating the reasons.
Mitsui & Co Ltd
decreased 1% to 1,616.50 yen after the trading company signed a partnership agreement with Brazil-based largest iron ore miner, Vale SA to participate in the project of Moatize coal mine and the Nacala Corridor rail & port infrastructure in Mozambique.
Sumitomo Mitsui Financial Group, Inc
slid 0.4% to 4,501.50 yen on speculation banking service provider agreed to acquire consumer-banking business from Citibank Japan Ltd. for about 40 billion yen.
fell 0.7% to 283 yen after the Nikkei Business Daily reported the electronic device maker plans to sell its U.S.-based solar energy development unit Recurrent Energy for 30 billion yen or $247 million yen to Canadian Solar Inc.
Sharp acquired Recurrent Energy for $305 million in 2010.
slipped 0.8% to 5,100 yen after the construction company said net sales in the first-half ending in October climbed 7.1% to 125.20 billion yen from 116.93 billion yen a year ago period.
Net income in the period surged 56.7% to 1.53 billion yen compared to 977 million yen and earnings per share jumped to 113.72 yen from 72.55 yen in the same period a year ago.