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Friday 21st of November 2008
May 12, 2006

Exporters take Tokyo markets lower


by Elaine Frei

In Tokyo on Friday, the Nikkei 225 was down 1.5 percent to 16,601.78, for its fourth losing day in a row. Meanwhile, the Topix index dropped 1.4 percent to 1,688.18. Many of the declines came in sectors that depend on exports as the US dollar continued its decline in the relation to the yen, which was at ¥109.95 versus the greenback at one point in Asian trade during the day.

Among electronics companies, NEC lost 4.9 percent to ¥741 after it revealed that its net profits were down 84 percent in the period January to March due to problems in its semiconductor and mobile phone units. Consumer electronics giant Sony was down 2.2 percent to ¥5,330.

Automobile manufacturers were also down on the day. Toyota saw losses for the fifth day in a row, losing 2.6 percent on Friday to ¥6,370 even though it announced earlier in the week that full-year net profits were at record highs. Elsewhere in the sector, Honda dropped 1.6 percent to ¥7,850, while Nissan declined by 1.8 percent to ¥1,452.

Bucking the losing trend, camera manufacturer Canon added 2 percent to ¥8,670 on Friday after Thursday’s announcement that it will do a three-for-two stock split and that its dividend will rise to ¥110.

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