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Market Update

Stocks in Tokyo Extend Weakness to Fifth Day, Fast Retailing Trims Outlook

Author: Hiruki Nakamura
Last Update: 9:20 AM ET April 10 2014

4:30 PM Tokyo Market indexes in Tokyo trading remained weak and the yen gained against the U.S. dollar. Toyota declined 2.4% after issuing a global recall of 6 million vehicles. Fast Retailing lowered its annual earnings outlook on higher costs and weaker domestic demand.

Stocks in Japan extended weakness for the fifth day in a row after rising for nine days in a row before. Investor sentiment remained weak and the yen advanced against the dollar.

The Nikkei 225 Stock Average edged up 0.43 to 14,300.12 and the Topix index fell 0.95 to 1,149.49.

The yen declined to 101.74 against the U.S. dollar.

Stocks in Review

Toyota Motor Corp dropped 129 yen or 2.4% to 5,321 yen. Honda Motor Co slid 15 yen to 3,420 yen. Nissan Motor Co Ltd rose 1% to 917 yen.

Sony fell 16 yen to 1,879 yen.

Softbank Corp slipped 82 yen to 7,174 yen.

Fast Retailing Co declined 540 yen to 36,710 yen after the Japan-based apparel retailer reported net sales in the first-half ending in February climbed 24.3% to 764.35 billion yen from 614.84 billion yen a year ago.

Net income in the period fell 1.4% to 64.56 billion yen compared to 65.45 billion yen and diluted earnings per share decreased to 632.79 yen from 641.86 yen a year earlier.

The company said operating profit in the period jumped 6.8% to 103.20 billion yen from a year ago.

For the year-to-August, the retailer lowered its net profit and forecasted to 88 billion yen or $862 million from 92 billion yen despite increasing of revenue to 1.37 trillion yen from the 1.32 trillion yen earlier release.

Olympus Corporation jumped 4.3% to 3,120 yen after the camera and endoscope maker said six banks filed a lawsuit for a total of 27.9 billion yen or $273 million for damages related to $1.7 billion accounting scandal in 2011.

In its last earnings briefing, the company said it would set aside 17 billion yen or $166.49 million to settle three of the cases it has publicly recognized and other two claims. Banks and financial institutions are seeking 41.1 billion yen, including what is announced today.

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