Nikkei falls 1.22% on profit taking, exporters weigh (2)

19:08, June 22, 2010      

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Compounding lingering fears in Europe's single currency region, Standard and Poor's Rating Services also said on Monday it had raised its estimates for loan losses for Spain's banking sector between 2009 and 2011, citing faster depreciation of real estate assets on banks' books.

"It may take a while for the market to digest the news about banks in France and Spain, as investors will be looking at the bigger debt crisis in the euro zone," said one Tokyo-based broker.

"The news certainly doesn't help the situation and has fueled fears that were beginning to subside," he said.

The euro dropped to as low as 111.61 against the yen Tuesday from 113.01 at the end of trade Monday.

Subsequently, some export-related issues took a battering with Canon Inc. losing 2.7 percent to 3,780 yen and Tokyo Electron Ltd. falling 3.6 percent to 5,620 yen.

Meanwhile, TDK Corp. lost 2.3 percent to 5,430 yen and robotics maker Fanuc Inc. fell 3.3 percent to 10,990 yen.

JVC Kenwood Holdings Inc. dropped 2.5 percent to 39 yen, following Japan's Securities and Exchange Surveillance Commission recommendation that the government impose fines on JVC Kenwood and its Victor unit for falsifying financial statements.

Nihon Inter Electronics Corp. plunged 11 percent to 153 yen, as the maker of semiconductor devices said it has doubts about its viability, as its liabilities exceeded assets by 4.74 billion yen (52.19 million U.S. dollars) at the end of March.

Financial shares remained strong in Tokyo however with Sumitomo Mitsui Financial Group Inc. adding nearly 1 percent, to 2,700 yen and Mizuho Financial Group Inc. staying put at 156 yen.

A notable bright spot on Tuesday's Nikkei was Sakura Internet Inc. who soared 9.7 percent to 176,000 yen, following the Internet- service company announcing it will cancel 3.58 percent of its outstanding shares on June 30.

On Tuesday some 1.69 billion shares changed hands on the Tokyo exchange's First section, down from Monday's volume of 1.77 billion, with declining issues outnumbering advancing ones by 987 to 529.

Source: Xinhua
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