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Aug. 7, 2013, 5:13 a.m. EDT

Japan stocks slammed by firm yen as Asia retreats

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By Michael Kitchen, MarketWatch

LOS ANGELES (MarketWatch) — Asian stock markets ended lower Wednesday after overnight losses in the U.S. on monetary-policy concerns, with Japan shares falling the most in nearly two months as exporters took a heavy hit from the yen’s advance.

The blue-chip Nikkei Stock Average /zigman2/quotes/210597971/delayed JP:NIK -0.39%  plunged 4% in Tokyo, its worst one-day percentage loss since June 13, while Australia’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO -0.33% fell 1.9%, and South Korea’s Kopsi /zigman2/quotes/210598069/delayed KR:180721 -1.49%  gave up 1.5%.


Shutterstock Enlarge Image
A stronger yen takes its toll on Japan stocks.

Hong Kong’s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI -1.01% also retreated 1.5%, while the Shanghai Composite Index /zigman2/quotes/210598127/delayed CN:SHCOMP +0.28% slid 0.7% after a swinging in and out of gains.

The moves came amid seasonally thin trading, with Kim Eng Securities strategist Andrew Sullivan predicting “light volumes to remain.” He noted some market holidays this week in Southeast Asia for the end of Ramadan likely to make volumes “lighter still.”

“Summer doldrums seem to be upon us,” he said.

The weak tone in Asia followed a second day of losses for U.S. benchmarks, with the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.38%  sliding back below the 1,700 level after ending the day down 0.6%.

Concerns about the Federal Reserve’s stimulus outlook helped drive the drop on Wall Street, after Chicago Fed President Charles Evans said he expects the central bank to begin tapering its asset-purchase program by the end of the year.

Japanese equities took an additional hit from the yen, as the U.S. dollar /zigman2/quotes/210561789/realtime/sampled USDJPY -0.1053%  fell as low as ¥96.74, according to FactSet, after having traded above the ¥98 level just over 24 hours earlier.

The higher yen hit exporters, which have benefitted from a weaker currency.

Among them, Sony Corp. /zigman2/quotes/201361720/delayed JP:6758 -0.57%   /zigman2/quotes/208567357/composite SNE -0.49%  lost 4.3%, Tokyo Electron Ltd. /zigman2/quotes/202883609/delayed JP:8035 -1.27%   /zigman2/quotes/200298228/delayed TOELF +0.48% retreated 6.7%, and Olympus Corp. /zigman2/quotes/200860615/delayed JP:7733 -1.61%   /zigman2/quotes/203009041/delayed OCPNF +18.09%  slid 4.7%.

Shares of Suntory Beverage & Food Ltd. /zigman2/quotes/200757604/delayed JP:2587 -1.29% , which debuted in Tokyo last month, gave up 2.9% of their value despite almost doubling its fiscal first-half profit.

Audio-tech firm Pioneer Corp.   tumbled 8.7% after reporting a wider quarterly loss and slashing its fiscal-year profit outlook by more than 90%.

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But on the upside, energy major Showa Shell Sekiyu K.K.  surged 3.7% after hiking its own fiscal-year profit outlook by 85%.

In Sydney, the key mining and financial sectors were both heading lower, with Newcrest Mining Ltd. /zigman2/quotes/203840223/delayed AU:NCM +1.45% /zigman2/quotes/206026738/delayed NCMGF +0.32%  sinking 4.2% after benchmark Comex gold futures lost their grip on the $1,300-an-ounce level in Tuesday trade.

Fortescue Metals Group Ltd. /zigman2/quotes/202351558/delayed AU:FMG -1.23%   /zigman2/quotes/204116626/delayed FSUMF -2.28%  and uranium extractor Paladin Energy Ltd. /zigman2/quotes/203269866/delayed AU:PDN -5.38%   /zigman2/quotes/202157125/delayed PALAF -1.52%  also helped lead mining-share losses, dropping 4.6% and 7%, respectively.

Banks extended their weakness after the Reserve Bank of Australia’s Tuesday interest-rate cut, with National Australia Bank Ltd. /zigman2/quotes/210431826/delayed AU:NAB +0.04%   /zigman2/quotes/205253475/delayed NAUBF +0.50%  off 1.7% and Macquarie Group Ltd. /zigman2/quotes/206727308/delayed AU:MQG -0.28%   /zigman2/quotes/204353811/delayed MCQEF +2.94%  lower by 3%.

Chip shares traded lower in Seoul, where Samsung Electronics Co. /zigman2/quotes/209800866/delayed KR:005930 -1.33%   /zigman2/quotes/202367843/delayed SSNLF 0.00%  fell 2.6%, and SK Hynix Inc. /zigman2/quotes/206420319/delayed KR:000660 -0.96%   /zigman2/quotes/203669196/delayed HXSCL 0.00%  lost 3.6%, following a 0.7% drop for the Nasdaq /zigman2/quotes/210598365/realtime COMP -0.67%  .

Among Hong Kong stocks, the energy shares were a weak spot after crude-oil futures lost 1.2% during regular trade in New York.

Cnooc Ltd. /zigman2/quotes/203421416/delayed HK:883 -0.65%   /zigman2/quotes/204964401/composite CEO +0.43%  slid 1%, and PetroChina Co. /zigman2/quotes/204979431/delayed HK:857 -0.88%   /zigman2/quotes/205108732/composite PTR -1.26%  surrendered 2.7%, while China Petroleum & Chemical Corp. — better known as Sinopec /zigman2/quotes/202085942/delayed HK:386 0.00%   /zigman2/quotes/202783176/composite SNP -1.03% — saw a 2.4% decline.

Casino shares were mixed, with Wynn Macau Ltd. /zigman2/quotes/200973447/delayed HK:1128 -1.15%   /zigman2/quotes/210239025/delayed WYNMF -2.47%  rising 0.7%, but MGM China Holdings Ltd. /zigman2/quotes/203735819/delayed HK:2282 -2.71%   /zigman2/quotes/207834661/delayed MCHVF +3.38%  dropping 4.6% after posting a quarterly loss.

/zigman2/quotes/210597971/delayed
JP : Nikkei
23,386.74
-92.41 -0.39%
Volume: 0.00
Feb. 21, 2020 3:15p
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/zigman2/quotes/210598100/delayed
AU : S&P ASX
7,139.00
-23.50 -0.33%
Volume: 1.07M
Feb. 21, 2020 5:17p
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/zigman2/quotes/210598069/delayed
KR : Korea Exchange
2,162.84
-32.66 -1.49%
Volume: 619,266
Feb. 21, 2020 3:33p
loading...
/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
27,330.95
-278.21 -1.01%
Volume: 1.27M
Feb. 21, 2020 2:43p
loading...
/zigman2/quotes/210598127/delayed
CN : China: Shanghai
3,038.69
+8.54 +0.28%
Volume: 33.68B
Feb. 21, 2020 2:43p
loading...
/zigman2/quotes/210599714/realtime
US : S&P US
3,373.23
-12.92 -0.38%
Volume: 2.03B
Feb. 20, 2020 5:10p
loading...
/zigman2/quotes/210561789/realtime/sampled
US : Tullett Prebon
111.9870
-0.1180 -0.1053%
Volume: 0.0000
Feb. 21, 2020 1:58a
loading...
/zigman2/quotes/201361720/delayed
JP : Japan: Tokyo
¥ 7,479.00
-43.00 -0.57%
Volume: 4.20M
Feb. 21, 2020 3:00p
P/E Ratio
14.41
Dividend Yield
0.60%
Market Cap
¥9225.11 billion
Rev. per Employee
¥72.37M
loading...
/zigman2/quotes/208567357/composite
US : U.S.: NYSE
$ 66.74
-0.33 -0.49%
Volume: 1.33M
Feb. 20, 2020 6:30p
P/E Ratio
13.99
Dividend Yield
0.40%
Market Cap
$81.85 billion
Rev. per Employee
$654,652
loading...
/zigman2/quotes/202883609/delayed
JP : Japan: Tokyo
¥ 24,845.00
-320.00 -1.27%
Volume: 831,900
Feb. 21, 2020 3:00p
P/E Ratio
20.89
Dividend Yield
2.17%
Market Cap
¥3913.17 billion
Rev. per Employee
¥110.09M
loading...
/zigman2/quotes/200298228/delayed
US : U.S.: OTC
$ 226.00
+1.09 +0.48%
Volume: 23.00
Feb. 20, 2020 5:20p
P/E Ratio
20.71
Dividend Yield
N/A
Market Cap
$34.99 billion
Rev. per Employee
$997,844
loading...
/zigman2/quotes/200860615/delayed
JP : Japan: Tokyo
¥ 2,076.00
-34.00 -1.61%
Volume: 5.66M
Feb. 21, 2020 3:00p
P/E Ratio
44.80
Dividend Yield
0.48%
Market Cap
¥2712.56 billion
Rev. per Employee
¥22.14M
loading...
/zigman2/quotes/203009041/delayed
US : U.S.: OTC
$ 15.73
+2.41 +18.09%
Volume: 300.00
Feb. 20, 2020 5:20p
P/E Ratio
36.76
Dividend Yield
N/A
Market Cap
$20.22 billion
Rev. per Employee
$200,545
loading...
/zigman2/quotes/200757604/delayed
JP : Japan: Tokyo
¥ 4,595.00
-60.00 -1.29%
Volume: 454,700
Feb. 21, 2020 3:00p
P/E Ratio
20.61
Dividend Yield
1.70%
Market Cap
¥1438.39 billion
Rev. per Employee
¥55.74M
loading...
/zigman2/quotes/203840223/delayed
AU : Australia: Sydney
$ 28.72
+0.41 +1.45%
Volume: 3.43M
Feb. 21, 2020 4:10p
P/E Ratio
27.57
Dividend Yield
1.15%
Market Cap
$21.72 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/206026738/delayed
US : U.S.: OTC
$ 18.63
+0.06 +0.32%
Volume: 545.00
Feb. 20, 2020 5:20p
P/E Ratio
25.67
Dividend Yield
N/A
Market Cap
$14.37 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/202351558/delayed
AU : Australia: Sydney
$ 11.20
-0.14 -1.23%
Volume: 14.13M
Feb. 21, 2020 4:10p
P/E Ratio
4.82
Dividend Yield
8.93%
Market Cap
$34.90 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/204116626/delayed
US : U.S.: OTC
$ 7.30
-0.17 -2.28%
Volume: 1,313
Feb. 20, 2020 1:11p
P/E Ratio
4.52
Dividend Yield
N/A
Market Cap
$22.47 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/203269866/delayed
AU : Australia: Sydney
$ 0.09
-0.0050 -5.38%
Volume: 2.00M
Feb. 21, 2020 4:10p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$188.59 million
Rev. per Employee
$463,060
loading...
/zigman2/quotes/202157125/delayed
US : U.S.: OTC
$ 0.07
-0.0010 -1.52%
Volume: 309,370
Feb. 20, 2020 3:59p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$131.81 million
Rev. per Employee
$348,576
loading...
/zigman2/quotes/210431826/delayed
AU : Australia: Sydney
$ 27.41
+0.01 +0.04%
Volume: 5.26M
Feb. 21, 2020 4:10p
P/E Ratio
16.73
Dividend Yield
6.06%
Market Cap
$78.79 billion
Rev. per Employee
$1.00M
loading...
/zigman2/quotes/205253475/delayed
US : U.S.: OTC
$ 18.08
+0.09 +0.50%
Volume: 1,770
Feb. 20, 2020 5:20p
P/E Ratio
15.65
Dividend Yield
N/A
Market Cap
$52.49 billion
Rev. per Employee
$761,598
loading...
/zigman2/quotes/206727308/delayed
AU : Australia: Sydney
$ 151.34
-0.43 -0.28%
Volume: 687,465
Feb. 21, 2020 4:10p
P/E Ratio
16.73
Dividend Yield
4.77%
Market Cap
$51.40 billion
Rev. per Employee
$1.02M
loading...
/zigman2/quotes/204353811/delayed
US : U.S.: OTC
$ 100.00
+2.86 +2.94%
Volume: 2,044
Feb. 19, 2020 9:46a
P/E Ratio
15.69
Dividend Yield
N/A
Market Cap
$33.87 billion
Rev. per Employee
$777,639
loading...
/zigman2/quotes/209800866/delayed
KR : S. Korea: KRX
59,200.00
-800.00 -1.33%
Volume: 13.25M
Feb. 21, 2020 3:30p
P/E Ratio
16.34
Dividend Yield
2.39%
Market Cap
₩407560.00 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/202367843/delayed
US : U.S.: OTC
$ 44.20
0.00 0.00%
Volume: 500.00
Feb. 19, 2020 5:20p
P/E Ratio
14.05
Dividend Yield
N/A
Market Cap
$300.24 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/206420319/delayed
KR : S. Korea: KRX
103,000
-1,000 -0.96%
Volume: 2.62M
Feb. 21, 2020 3:30p
P/E Ratio
34.82
Dividend Yield
0.97%
Market Cap
₩71136.10 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/203669196/delayed
US : U.S.: OTC
$ 0.00
0.00 0.00%
Volume:
P/E Ratio
16.22
Dividend Yield
2.63%
Market Cap
$59.36 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/210598365/realtime
US : U.S.: Nasdaq
9,750.96
-66.21 -0.67%
Volume: 2.46M
Feb. 20, 2020 5:16p
loading...
/zigman2/quotes/203421416/delayed
HK : Hong Kong
HK$ 12.14
-0.08 -0.65%
Volume: 42.19M
Feb. 21, 2020 2:43p
P/E Ratio
8.21
Dividend Yield
6.01%
Market Cap
HK$545.59 billion
Rev. per Employee
HK$13.96M
loading...
/zigman2/quotes/204964401/composite
US : U.S.: NYSE
$ 158.15
+0.67 +0.43%
Volume: 317,059
Feb. 20, 2020 6:30p
P/E Ratio
8.38
Dividend Yield
5.28%
Market Cap
$70.61 billion
Rev. per Employee
$1.78M
loading...
/zigman2/quotes/204979431/delayed
HK : Hong Kong
HK$ 3.39
-0.03 -0.88%
Volume: 209.58M
Feb. 21, 2020 2:43p
P/E Ratio
13.00
Dividend Yield
4.65%
Market Cap
HK$625.93 billion
Rev. per Employee
HK$5.32M
loading...
/zigman2/quotes/205108732/composite
US : U.S.: NYSE
$ 43.81
-0.56 -1.26%
Volume: 94,702
Feb. 20, 2020 6:30p
P/E Ratio
10.13
Dividend Yield
3.86%
Market Cap
$9.24 billion
Rev. per Employee
$678,384
loading...
/zigman2/quotes/202085942/delayed
HK : Hong Kong
HK$ 4.23
0.00 0.00%
Volume: 59.06M
Feb. 21, 2020 2:43p
P/E Ratio
9.79
Dividend Yield
9.96%
Market Cap
HK$512.13 billion
Rev. per Employee
HK$7.40M
loading...
/zigman2/quotes/202783176/composite
US : U.S.: NYSE
$ 54.04
-0.56 -1.03%
Volume: 111,802
Feb. 20, 2020 6:30p
P/E Ratio
8.52
Dividend Yield
9.23%
Market Cap
$13.79 billion
Rev. per Employee
$975,922
loading...
/zigman2/quotes/200973447/delayed
HK : Hong Kong
HK$ 17.12
-0.20 -1.15%
Volume: 5.14M
Feb. 21, 2020 2:43p
P/E Ratio
14.74
Dividend Yield
5.26%
Market Cap
HK$90.00 billion
Rev. per Employee
HK$3.23M
loading...
/zigman2/quotes/210239025/delayed
US : U.S.: OTC
$ 2.21
-0.06 -2.47%
Volume: 41,750
Feb. 20, 2020 2:56p
P/E Ratio
14.92
Dividend Yield
N/A
Market Cap
$11.48 billion
Rev. per Employee
$412,750
loading...
/zigman2/quotes/203735819/delayed
HK : Hong Kong
HK$ 11.50
-0.32 -2.71%
Volume: 3.31M
Feb. 21, 2020 2:43p
P/E Ratio
31.55
Dividend Yield
1.11%
Market Cap
HK$44.92 billion
Rev. per Employee
HK$1.08M
loading...
/zigman2/quotes/207834661/delayed
US : U.S.: OTC
$ 1.53
+0.05 +3.38%
Volume: 48,800
Feb. 20, 2020 5:20p
P/E Ratio
32.90
Dividend Yield
N/A
Market Cap
$5.72 billion
Rev. per Employee
$137,730
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Michael Kitchen is Asia editor for MarketWatch and is based in Los Angeles. You can follow him on Twitter at @KitchenNews.

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