Tokyo stocks fall on Fed chief's pessimism (2)

18:49, July 22, 2010      

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''U.S. stocks fell and the dollar is falling back into the 86 yen zone, so Bernanke's comments are having an impact on Tokyo stocks,'' said Fumiyuki Nakanishi, general manager at SMBC Friend Securities Co.

The yen appreciated to as much as 86.44 against the dollar today in Tokyo from 87.10 at the close of stock trading yesterday. Against the euro, the yen strengthened to as much as 110.36 from 112.26.

Electronic makers in particular took a pummeling as the yen rose to near seven-month high against the dollar. Investors fret when the yen is strong as Japanese firms reliant on profits made abroad see their yields erode when repatriated.

Nintendo, which earns more than 80 percent of its revenue overseas, was lowered yesterday to "hold" from "buy" at Citigroup in Tokyo. Also, JPMorgan Chase &Co. today cut its price target for the maker of game players to 31,000 yen from 37,000 yen, leaving its "overweight" rating unchanged. Subsequently the game console and software maker retreated 1.3 percent.

Olympus meanwhile fell 2.5 percent to 2,188 yen and Pioneer fell more than 2 percent to 288 yen.

NGK Insulators Ltd. however climbed 2.2 percent to 1,351 yen. The maker of electrical insulators and industrial ceramic products was raised to "neutral" from "underperform" at Credit Suisse Group.

Casio Computer gained more than 1 percent to 559 yen, after The Nikkei business daily reported that the electronics maker is likely to have earned a group operating profit of about 2.5 billion yen in the April-June quarter.

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