Monday, May 27, 2013

(BN) Japan Stocks Extend Last Week’s Drop as Yen Gains Hit Exporters

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Japan Stocks Extend Last Week's Drop as Yen Gains Hit Exporters
2013-05-27 00:27:17.699 GMT


By Anna Kitanaka
May 27 (Bloomberg) -- Japanese shares fell, with the Topix
Index extending the biggest weekly decline since August 2011, as
the yen rose a third day after Bank of Japan Governor Haruhiko
Kuroda said the country could withstand higher interest rates.
All but six stocks fell on the exporter-heavy Nikkei 225
Stock Average. Toyota Motor Corp. lost 1.9 percent. Tokyo
Electric Power Co. sank 5.3 percent. Kobe Steel Ltd. advanced
after the Nikkei newspaper reported it would cut capacity.
The Topix lost 2.8 percent to 1,160.86 as of 9:18 a.m. in
Tokyo. The measure finished last week down 4.7 percent after
plunging 6.9 percent on May 23, the most since the aftermath of
the March 2011 disaster. The Nikkei 225 lost 3.2 percent to
14,142.71 today.

For Related News and Information:
Top Stories: TOP<GO>
Top stock-market news: TOP STK <GO>
World equity valuations: WPE <GO>
World equity index monitor: WEI <GO>
Most-read stock market stories: MNI STK <GO>
Biggest movers this year: TPX <Index> MRR 10 <GO>
Market map of today's trading: TPX <Index> IMAP <GO>

--Editor: Jason Clenfield

To contact the reporter on this story:
Anna Kitanaka in Tokyo at +81-3-3201-8140 or
akitanaka@bloomberg.net

To contact the editor responsible for this story:
Nick Gentle at +852-2977-6545 or
ngentle2@bloomberg.net

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