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Market Update

Tokyo Stock Retreat; Pioneer, Yamaha Motor in Focus

Author: Hiruki Nakamura
Last Update: 10:08 AM ET May 14 2013

5:30 PM Tokyo Stocks in Tokyo traded lower and the yen declined and market indexes edged lower from the recent 5-year highs. Yamaha Motor reported lower than expected earnings. Pioneer surged 26% after the company plans to sell stakes to Mitsubishi Electric and NTT DoCoMo.

Stocks in Tokyo traded lower and the yen edged up higher after indexes turned lower from recent 5-year highs.

The yen extended its slide and fell to 101.61 against one dollar, near the low since October 2008.

The Nikkei 225 Stock Average slid 23.79 to 14,758.42 and the broader Topix Index fell 1.40 to 1,230.80.

Prime Minister Shinzo Abe signed agreements with the United Arab Emirates and Turkey that will enable the export of Japanese nuclear power plant technology and also accelerate talks to facilitate the conclusion of similar agreements with Saudi Arabia and Brazil.

The news was first reported by Japan Times.

Stocks in Review

Toyota Motor Corp slumped 70 yen to 6,210 yen and Honda Motor Co. dropped 45 yen to 4,070 yen and Nissan Motor Co Ltd slipped 13 yen to 1,098 yen.

Sony gained 22 yen to 1,877. Canon Inc rose 20 yen to 3,645 yen and Nikon dropped 43 yen to 2,568 yen.

Fanuc Corp. dropped 250 yen to 15,930 yen Softbank Corp jumped 120 yen to 5,700 yen.

Seven & I Holdings Co gained 30 yen to 3,900 yen. Fast Retailing Co. closed unchanged at 38,000 yen.

Mitsubishi UFJ Financial Group fell 18 yen to 710 yen and Sumitomo Mitsui Financial Group slipped 125 yen to 4,805 yen.

Nomura Holdings, Inc. slipped 12 yen to 922 yen after the investment group increased its retail client assets to 90.3 trillion yen or $889 billion in April.

Pioneer Corporation climbed 60 yen or 25.8% to 293 yen after the electronics maker plans to sell 8.95 billion yen of shares to Mitsubishi Electric and NTT DoCoMo.

Sony Corporation gained 1.2% to 1,877 yen after New York-based hedge fund manager Third Point, led by billionaire Daniel Loeb proposed spin-off its entertainment division.

Tokyo Electric Power Company, Inc surged 80 yen or 18.1% to 522 yen after Nomura lifted its view on the utility company and the sector.

Yamaha Motor Co., Ltd. declined 72 yen or 4.9% to 1,413 yen after first quarter net income tumbled 35.6% to 7.4 billion yen.

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