4:30 PM Tokyo – Market indexes in Tokyo edged lower and declined for the week as the yen gained and emerging market currencies eased. Toyota lifted its global sales outlook and estimated record sales. Nitto Denko sales soared in December.
Market indexes in Japan extended loss for the second day in a row and the Nikkei index dropped 2.2% in the week. The yen gained against the dollar and the euro.
The yen was in focus after emerging market currencies edged lower as Argentine peso plunged 15% and the Aussie dollar eased to a 42-month low.
Yesterday, Argentina after the local market close relaxed it currency control as the country struggles with falling foreign exchange reserves and battle rising cost of imports and stagnant exports.
Worries linked to Argentina set of a contagion in emerging market currencies and Turkish lira, Ukraine’s hryvnia plunged to a 4-year low of 8.45 against one dollar as unrest intensified in capital city.
The Nikkei 225 Stock Average declined 304.33 or 1.9% to 15,391.56 and the Topix index slumped 22.92 or 1.8% to 1,264.60.
For the week, Nikkei 225 dropped 2.2%. The yen strengthened to 103.03 against the U.S. dollar.
Stocks in Review
Toyota Motor Corp
slipped 86 yen to 6,170 yen and the automaker estimated global auto sales to expand for the third year in a row to a record high and reach 10.32 million units in the fiscal 2015 ending in March 2015.
On December 5, the company said its cumulative vehicle production in Japan crossed 150 million units and at December-end, cumulative global production totaled about 210 million units.
Honda Motor Co
declined 100 yen to 3,995 yen. Nissan Motor Co Ltd
slid 2 yen to 932 yen.
fell 1 yen to 1,763 yen.
declined 297 yen to 8,242 yen.
Fast Retailing Co
plummeted 610 yen to 38,215 yen and apparel chain operator Uniqlo said it plans to list its stock on Hong Kong stock exchange and raise its profile in China.
dropped 3.4% to 817 yen and its American subsidiary Hitachi Power Systems America secured contract for the design and supply of a Selective Catalytic Reduction System with Tri-State Generation and Transmission Association, Inc. for its Craig Generation Station, Unit 2, of Colorado.
Nitto Denko Corporation
climbed 7.1% to 4,557 yen after Japan-based bonding and sealing products maker reported strong monthly sales for materials used in flat panel screens and tablet devices and said revenue in the December surged 21% compared to 11% a year ago month and jumped 6% from November.
The company added information fine materials sales climbed 22% from year ago and advanced 13% from November.