Financials Drag Nikkei Index Lower

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Author: 123jump.com Staff
123jump.com
Last Update: 12:20 AM EDT June 03 2008

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Japan stock indexes traded in negative territory after a rising yen affected exporters and realty stocks plummeted on signs of tightening credit markets. In Tokyo trading Nikkei 225 declined 1.6% or 230.97 at 14,209.17, and the broader Topix Index fell 1.2% or 17.66 at 1,407.44. Subprime losses from the US loans at Japanese financial companies total 1.8 trillion yen at the end of March 2008 quarter.

Realty stocks fell on signs that the credit markets are tightening after Standard & Poor cut its rating on Morgan Stanley, Merrill Lynch and Lehman Brothers. Sumitomo Realty shed 3.69% and Mitsui Fudosan tumbled 3.23% as a result.

Exporters also fell as the yen rose to 104.32 from 105.43 against the dollar yesterday. Sony edged down 2.90%, Canon slumped 2.25% and Bridgestone plunged 1.70%.

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