Japan suffers market disappointments
by Brian Turner
The Japanese markets continued to fall on Friday as IBM and Samsung Electronics issued disappointing reports on earnings, and worries about rates of growth in the US and China continued to take their toll.
This led to the Nikkei 225 being down 1.7 percent at close, to 11,371, and the Topic index fell 1.5 percent to 1,151.
Analysts did not have hopeful news for a recovery in the Tokyo markets any time soon, either, with at least one prediction that the Nikkei could fall another 12 percent by the end of the year.
The news was bad again for Kanebo as it continued its slide after admitting to years of accounting fraud, losing another 18.3 percent Friday, bringing its losses since Wednesday to a total of 47.2 percent.
An announcements from IBM that its quarterly earnings were far below estimates, coupled with South Korea’s Samsung Electronics’ report that its first quarter earnings were off by 52 percent sent technology stocks lower.
Tokyo Electron was down 3 percent to ¥5,880 and Toshiba fell 3 percent as well, to ¥436. Victor Co. of Japan fell 3.65 percent to ¥845, for its second straight day of losses.
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