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Thursday 20th of November 2008
April 12, 2006

Tokyo markets lower for third day


by Elaine Frei

The Tokyo equities markets were down again on Wednesday on lower share prices in the US and concerns that recent gains in domestic stocks cannot persist. The Nikkei 225 and Topix index each lost 1.5 percent on the day to 17,162.55 and 1,742.89 respectively.

The electronics sector was down as Toshiba fell victim to two bits of negative news. First of all, US memory card manufacturer Lexar Media filed an infringement of intellectual property charge against Toshiba with the International Trade Commission. Also, Toshiba said on Tuesday that engineers employed by the company had changed test statistics for equipment for Japanese nuclear reactors. Toshiba’s shares dropped 2.6 percent on the day to ¥708.

High-tech manufacturer Kyocera dropped 4.1 percent to ¥10,480 and the electrical machinery sector as a whole dropped 2 percent on concerns about the strength of the US economy.

In domestic sectors, securities dropped 1.4 percent, with Nomura losing 1.3 percent to ¥2,685. Bankers dropped 2.1 percent, with Mitsubishi UFJ falling a larger 3.1 percent to ¥1,850,000.

In the retail sector, convenience stores had a rough day after Familymart issued a less-than-promising profits forecast for the 2006/2007 fiscal year. Familymart lost 7 percent to ¥2,580, while Lawson dropped 4.2 percent to ¥4,380, Circle K Sunkus declined by 2.4 percent to ¥2,815, and Seven & I was down 1.7 percent to ¥4,760.

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