By Masaki Kondo
Jan. 9 (Bloomberg) -- Japanese automaker stocks slumped as a stronger yen dimmed their earnings outlooks. Shipping lines advanced after transport fees rose for a third day.
Honda Motor Co., which gets more than half its profit from North America, declined 2.1 percent. TDK Corp., an electronic component maker, lost 3.1 percent after reversing its profit forecast to a loss. Nippon Yusen K.K., the nation’s largest shipping company, jumped 3.2 percent after a measure of shipping costs jumped by the most in almost four weeks.
“It’s hard for investors to buy when companies come out with lower earnings forecasts,” Soichiro Monji, chief strategist at Tokyo-based Daiwa SB Investments Ltd., which manages about $53 billion, said in an interview with Bloomberg Television.
The Nikkei 225 Stock Average dropped 26.36, or 0.3 percent, to 8,878.57 as of 9:40 a.m. in Tokyo. The broader Topix index fell 2.19, or 0.3 percent, to 858.70.
To contact the reporter for this story: Masaki Kondo in Tokyo at mkondo3@bloomberg.net.
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