Japanese Stocks Decline on Stronger Yen; Canon, Takeda Fall
By Makiko Suzuki
Sept. 8 (Bloomberg) -- Japanese stocks fell after the yen advanced against the euro and dollar, reducing the value of overseas sales at companies such as Canon Inc., which last year got about one third of its sales from Europe.
``The currency's gain has heightened investor concern over a stronger yen,'' said Soichiro Monji, who helps oversee 447 billion as equity strategist at Daiwa SB Investments Ltd. in Tokyo. ``Exporter stocks will be weak today.''
Companies that rely on U.S. sales, including Sony Corp., also declined on speculation a housing slump there will curb consumer spending in Japan's biggest overseas market.
The Nikkei 225 Stock Average fell 104.89, or 0.7 percent, to 15,907.52 as of 9:11 a.m. in Tokyo. The broader Topix index lost 4.08, or 0.3 percent, to 1609.38.
Takeda Pharmaceutical Co. fell after saying it will scrap development of an experimental diabetes treatment.
Sept. 8 (Bloomberg) -- Japanese stocks fell after the yen advanced against the euro and dollar, reducing the value of overseas sales at companies such as Canon Inc., which last year got about one third of its sales from Europe.
``The currency's gain has heightened investor concern over a stronger yen,'' said Soichiro Monji, who helps oversee 447 billion as equity strategist at Daiwa SB Investments Ltd. in Tokyo. ``Exporter stocks will be weak today.''
Companies that rely on U.S. sales, including Sony Corp., also declined on speculation a housing slump there will curb consumer spending in Japan's biggest overseas market.
The Nikkei 225 Stock Average fell 104.89, or 0.7 percent, to 15,907.52 as of 9:11 a.m. in Tokyo. The broader Topix index lost 4.08, or 0.3 percent, to 1609.38.
Takeda Pharmaceutical Co. fell after saying it will scrap development of an experimental diabetes treatment.
posted by SmartYInvestor at 9:27 AM
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