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Market Update

Yen Volatility Drags Nikkei 1.2% Lower; Kirin, Rakuten Fall

Author: Marcus Jacob
Last Update: 9:32 AM ET February 15 2013

5:00 PM Tokyo – Investors sold stocks in Tokyo as the yen strengthened ahead of comments from G20 finance ministers in Moscow. Electronics exporters and automakers declined. Kirin Holdings declined 5% on weaker than expected operating earnings. Rakuten, the online retailer fell on smaller increase in operating income.

Market sentiment in Tokyo trading was weak and the yen gained for the third day in a row ahead of comments from G20 officials.

The recent sharp fall in the yen has stoked worries that the G20 finance ministers may label Japan as currency manipulator. Bank of Japan defended the actions to loosen the monetary policy to revive inflation and not a campaign against the currency.

The Nikkei 225 Stock Average declined 133.45 or 1.2% to 11,173.83 and the broader Topix Index dropped 12.47 or 1.3% to 942.41.

For the week, the Nikkei slid 0.2%.

The yen rebounded to 92.78 against one dollar and rose to 124.89 against one euro ahead of comments from the G20 officials.

Stocks in Review

Exporters were on the decline after the yen strengthened and investors awaited comments from G20 officials after a two-day meeting tomorrow.

Toyota Motor Corp. declined 90 yen to 4,725 yen and Honda Motor Co. dropped 55 yen to 3,455 yen and Nissan Motor Co Ltd fell 1 yen to 932 yen. Mazda Motor Corp gained 3 yen to 276 yen.

Yamaha Motor Co Ltd dropped 7.5% to a 3-week low after the motorcycle maker estimated lower than expected operating earnings in the year to December on weaker sales in emerging markets.

Nippon Steel slipped 5 yen to 252 yen and JFE Holdings Inc climbed 27 yen to 2,083 yen.

Sony slumped 25 yen to 1,313. Canon Inc decreased 50 yen to 3,265 yen and Nikon jumped 23 yen to 2,118 yen. TDK Corp declined 40 yen to 3,275 yen.

Nintendo Co. Ltd plummeted 180 yen to 8,440 yen.

Fanuc Corp. slumped 170 yen to 14,840 yen and Komatsu Ltd slipped 19 yen to 2,398 yen. Hitachi Construction Machinery Co decreased 28 yen to 2,129 yen.

Asahi Glass added 1 yen to 637 yen. Softbank Corp lowered 35 yen to 3,425 yen.

FamilyMart Co Ltd, the convenience chain operator gained 20 yen to 3,840 yen and Lawson climbed 50 yen to 6,870 yen. Ito En Ltd slid 14 yen to 1,779 yen.

Rakuten Inc fell 4.4% after the online shopping site operator reported operating profit increase of 2% to 72.26 billion yen for the year to December.

Kirin Holdings Co dropped 5% to 1,171 yen after the beverage maker estimated operating profit of 155 billion yen in the year and net income is expected to increase as much as 60% to a record. The net is expected to rise on capital gain from the stake sale in Fraser & Neave Ltd.

Seven & I Holdings Co decreased 39 yen to 2,756 yen. Fast Retailing Co. fell 50 yen to 24,860 yen and J. Front Retailing Co. Ltd slipped 6 yen to 520 yen.

Mitsubishi UFJ Financial Group slid 15 yen to 508 yen and Sumitomo Mitsui Financial Group declined 120 yen to 3,640 yen. Dai-Ichi Life slumped 2.9% to 130,300 yen. Nomura Holdings, Inc dropped 11 yen to 528 yen.

Matsumoto Kiyoshi rose 3.6% and traded at a 3-year high after the company announced 10 yen a share dividend to celebrate company’s 80th anniversary.

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