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June 12, 2013, 2:23 a.m. EDT

Japan stocks pare losses late as Asia falls

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By Michael Kitchen, MarketWatch

LOS ANGELES (MarketWatch) — After spending most of the day deep in negative territory, Japanese stocks swung upward in the afternoon to end with only mild losses, while other Asia markets also retreated.

Japan’s Nikkei Stock Average /zigman2/quotes/210597971/delayed JP:NIK -0.79%  ended 0.2% down at 13,289.32 after trading some 2% lower earlier in the day, with the benchmark recovering as the dollar rebounded against the yen.


Reuters
Japanese stocks take a fresh tumble as the yen heads higher overnight.

Likewise, Australia’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO -2.31%  finished down 0.7%, and South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 -1.28%  0.6% lower.

Markets in China — including those in Hong Kong and Shanghai — were closed for the Dragon Boat Festival.

Japan had led the losses for Asia after the dollar /zigman2/quotes/210561789/realtime/sampled USDJPY +0.1887%  fell by almost 2 full yen overnight to ¥96.22, having bought more than ¥98 at Tuesday’s Japan stock close.

But the dollar staged a modest rebound during the East Asian afternoon, hitting ¥96.77 by the time Tokyo closed for trading.

The dollar’s drop followed the Bank of Japan’s policy decision Tuesday, which contained no new easing moves.

“There appeared to be some heightened anxiety levels across Asian markets today, as traders contemplate a world without additional economic stimulus,” CMC Markets senior trader Tim Waterer wrote Wednesday.

“There may have been some unrealistic hopes that the BOJ would have come up with some fresh stimulus ideas, and when this didn’t eventuate, it set the ball rolling in terms of selling momentum,” he wrote.

The dollar traded above ¥100 early last week but has remained below that level since Japanese Prime Minister Shinzo Abe announced a slate of economic reforms — referred to as the “third arrow” of his three-pronged push to revive the nation’s fortunes, along with fiscal stimulus and monetary easing.

Chapdelaine FX managing director Douglas Borthwick compared Abe’s campaign unfavorably with European Central Bank President Mario Draghi’s actions to combat the euro-zone debt crisis.

“The ECB carries a bazooka into the currency wars, as Draghi pledges to do ‘whatever it takes,’ [while] Japan’s Prime Minister Abe is fighting with a bow and arrow,” he wrote Tuesday. “The market is taking the view that Japan may not have either the stomach or the capacity to follow through with Prime Minister Abe.”

But the yen’s move back lower late Wednesday helped send some Japanese exporter shares swinging back to gains, with Nikon Corp. /zigman2/quotes/203281219/delayed JP:7731 +0.09%   /zigman2/quotes/203151879/delayed NINOF -3.74% up 1.7%, and Mitsubishi Heavy Industries Ltd. /zigman2/quotes/202419396/delayed JP:7011 -0.85%   /zigman2/quotes/206985358/delayed MHVYF 0.00%  rallying 3.5%.

Still, many major names were unable to fully recover, with Sony Corp. /zigman2/quotes/201361720/delayed JP:6758 -1.57%   /zigman2/quotes/208567357/composite SNE -0.55%  finishing down 1.1%, Renesas Electronics Corp. /zigman2/quotes/203872935/delayed JP:6723 -0.82%   /zigman2/quotes/201351352/delayed RNECY 0.00%  losing 2.4%, Toyota Motor Corp. /zigman2/quotes/203803129/delayed JP:7203 -0.38%   /zigman2/quotes/200537742/composite TM -0.34%  off 1.8%, and Nissan Motor Co. /zigman2/quotes/208298710/delayed JP:7201 +0.08%   /zigman2/quotes/207656007/delayed NSANY -2.51%  surrendering 2.3%.

Hitachi Ltd. /zigman2/quotes/203839937/delayed JP:6501 -0.42%   /zigman2/quotes/203416411/delayed HTHIF +2.28%  ended on an upnote, however, rising 1.1% after a Nikkei news report that the conglomerate had secured an order to supply trains for a light-rail project in Vietnam’s Ho Chi Minh City.

Panasonic Corp. /zigman2/quotes/201785256/delayed JP:6752 -0.92%   /zigman2/quotes/201732539/delayed PCRFF -0.44%  added 1.6% after a separate Nikkei report that China’s Huawei Technologies Co. would double by value its procurement of parts from Japan over the next several years, with Panasonic as one of the beneficiaries.

But Tuesday’s losses on Wall Street — with a triple-digit loss for the Dow industrials /zigman2/quotes/210598065/realtime DJIA -3.15%  and a 1% fall for the S&P 500 /zigman2/quotes/210599714/realtime SPX -3.03%   — weighed on financials around Asia.

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In Tokyo, Mitsubishi UFJ Financial Group Inc. /zigman2/quotes/207520099/delayed JP:8306 -0.83%   lost 1.8%, Dai-ichi Life Insurance Co. /zigman2/quotes/208507587/delayed JP:8750 -1.13%   /zigman2/quotes/200865545/delayed DCNSF +5.67%  closed 2.5% lower, and Resona Holdings Inc. /zigman2/quotes/203178794/delayed JP:8308 -0.81%   /zigman2/quotes/201424788/delayed RSNHF -6.31%  pulled back 3.2%.

Similarly, many Australian banks saw selling, with National Australia Bank Ltd. /zigman2/quotes/210431826/delayed AU:NAB -2.09%   /zigman2/quotes/205253475/delayed NAUBF -1.38% , Westpac Banking Corp. /zigman2/quotes/203084975/delayed AU:WBC -1.67%   /zigman2/quotes/210300378/delayed WEBNF +0.48%  and Australia & New Zealand Banking Group /zigman2/quotes/205482049/delayed AU:ANZ -1.96%   /zigman2/quotes/204542251/delayed ANEWF +2.67%  dropping 1.2% apiece.

Mining stocks also took a toll on the Sydney market after a decline in many commodity prices, with Fortescue Metals Group Ltd. /zigman2/quotes/202351558/delayed AU:FMG -0.46%   /zigman2/quotes/204116626/delayed FSUMF +1.43%  down 3.2%, BHP Billiton Ltd. /zigman2/quotes/201448516/delayed AU:BHP -2.15%   /zigman2/quotes/208108397/composite BHP -2.28%  slipping 0.4%, and Newcrest Mining Ltd. /zigman2/quotes/203840223/delayed AU:NCM -2.92%   /zigman2/quotes/206026738/delayed NCMGF -0.89%  finishing down 0.8% after the gold producer told Australia’s securities exchange that it didn’t break any share-listing rules related to the timing of the company’s recent restructuring announcement.

Early weakness in Australia briefly sent the S&P/ASX 200 into a technical correction, defined as a 10% drop from the most recent high.

In South Korea, Samsung Electronics Co. /zigman2/quotes/209800866/delayed KR:005930 -2.42%   /zigman2/quotes/202367843/delayed SSNLF 0.00%  slipped 0.3%, after its shares dropped 2.5% Tuesday amid concerns over sales for its new Galaxy S4 smartphone.

Credit Suisse said it held the shares’ rating at outperform, and that the recent losses for Samsung offered a buying opportunity, according to Dow Jones Newswires.

/zigman2/quotes/210597971/delayed
JP : Nikkei
22,426.19
-179.22 -0.79%
Volume: 0.00
Feb. 26, 2020 3:15p
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/zigman2/quotes/210598100/delayed
AU : S&P ASX
6,708.10
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Volume: 1.01M
Feb. 26, 2020 5:38p
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KR : Korea Exchange
2,076.77
-26.84 -1.28%
Volume: 810,937
Feb. 26, 2020 3:32p
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110.4130
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Volume: 0.0000
Feb. 26, 2020 5:17a
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JP : Japan: Tokyo
¥ 1,158.00
+1.00 +0.09%
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Feb. 26, 2020 3:00p
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Feb. 25, 2020 9:38a
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N/A
Market Cap
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JP : Japan: Tokyo
¥ 3,619.00
-31.00 -0.85%
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Feb. 26, 2020 3:00p
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Dividend Yield
4.14%
Market Cap
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US : U.S.: OTC
$ 33.00
0.00 0.00%
Volume: 450.00
Feb. 25, 2020 12:18p
P/E Ratio
7.24
Dividend Yield
N/A
Market Cap
$11.09 billion
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Dividend Yield
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/zigman2/quotes/208567357/composite
US : U.S.: NYSE
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Feb. 25, 2020 6:30p
P/E Ratio
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Dividend Yield
0.42%
Market Cap
$77.98 billion
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$654,652
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/zigman2/quotes/203872935/delayed
JP : Japan: Tokyo
¥ 730.00
-6.00 -0.82%
Volume: 8.04M
Feb. 26, 2020 3:00p
P/E Ratio
572.01
Dividend Yield
N/A
Market Cap
¥1258.78 billion
Rev. per Employee
¥36.92M
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/zigman2/quotes/201351352/delayed
US : U.S.: OTC
$ 3.23
0.00 0.00%
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Feb. 25, 2020 3:31p
P/E Ratio
529.51
Dividend Yield
N/A
Market Cap
$11.43 billion
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JP : Japan: Tokyo
¥ 7,545.00
-29.00 -0.38%
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/zigman2/quotes/200537742/composite
US : U.S.: NYSE
$ 134.03
-0.46 -0.34%
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Feb. 25, 2020 6:30p
P/E Ratio
8.44
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2.66%
Market Cap
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/zigman2/quotes/208298710/delayed
JP : Japan: Tokyo
¥ 481.80
+0.40 +0.08%
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Feb. 26, 2020 3:00p
P/E Ratio
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¥1883.79 billion
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/zigman2/quotes/207656007/delayed
US : U.S.: OTC
$ 8.55
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Market Cap
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/zigman2/quotes/203839937/delayed
JP : Japan: Tokyo
¥ 4,003.00
-17.00 -0.42%
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Feb. 26, 2020 3:00p
P/E Ratio
19.85
Dividend Yield
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Market Cap
¥3884.27 billion
Rev. per Employee
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/zigman2/quotes/203416411/delayed
US : U.S.: OTC
$ 38.87
+0.87 +2.28%
Volume: 740.00
Feb. 25, 2020 5:20p
P/E Ratio
21.20
Dividend Yield
N/A
Market Cap
$34.56 billion
Rev. per Employee
$279,568
loading...
/zigman2/quotes/201785256/delayed
JP : Japan: Tokyo
¥ 1,127.00
-10.50 -0.92%
Volume: 12.42M
Feb. 26, 2020 3:00p
P/E Ratio
9.12
Dividend Yield
2.66%
Market Cap
¥2653.63 billion
Rev. per Employee
¥29.74M
loading...
/zigman2/quotes/201732539/delayed
US : U.S.: OTC
$ 10.11
-0.05 -0.44%
Volume: 6,940
Feb. 25, 2020 3:57p
P/E Ratio
8.93
Dividend Yield
N/A
Market Cap
$23.57 billion
Rev. per Employee
$269,385
loading...
/zigman2/quotes/210598065/realtime
US : Dow Jones Global
27,081.36
-879.44 -3.15%
Volume: 513.27M
Feb. 25, 2020 4:59p
loading...
/zigman2/quotes/210599714/realtime
US : S&P US
3,128.21
-97.68 -3.03%
Volume: 3.13B
Feb. 25, 2020 4:59p
loading...
/zigman2/quotes/207520099/delayed
JP : Japan: Tokyo
¥ 551.70
-4.60 -0.83%
Volume: 78.58M
Feb. 26, 2020 3:00p
P/E Ratio
12.23
Dividend Yield
4.53%
Market Cap
¥7095.52 billion
Rev. per Employee
¥50.52M
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/zigman2/quotes/208507587/delayed
JP : Japan: Tokyo
¥ 1,575.50
-18.00 -1.13%
Volume: 4.01M
Feb. 26, 2020 3:00p
P/E Ratio
8.94
Dividend Yield
3.94%
Market Cap
¥1804.18 billion
Rev. per Employee
¥103.65M
loading...
/zigman2/quotes/200865545/delayed
US : U.S.: OTC
$ 16.40
+0.88 +5.67%
Volume: 30,996
Feb. 25, 2020 8:10p
P/E Ratio
10.17
Dividend Yield
N/A
Market Cap
$18.68 billion
Rev. per Employee
$938,831
loading...
/zigman2/quotes/203178794/delayed
JP : Japan: Tokyo
¥ 426.50
-3.50 -0.81%
Volume: 8.58M
Feb. 26, 2020 3:00p
P/E Ratio
7.01
Dividend Yield
4.92%
Market Cap
¥987.69 billion
Rev. per Employee
¥45.74M
loading...
/zigman2/quotes/201424788/delayed
US : U.S.: OTC
$ 3.86
-0.26 -6.31%
Volume: 44,817
Feb. 25, 2020 1:19p
P/E Ratio
6.91
Dividend Yield
N/A
Market Cap
$8.87 billion
Rev. per Employee
$414,089
loading...
/zigman2/quotes/210431826/delayed
AU : Australia: Sydney
$ 26.24
-0.56 -2.09%
Volume: 7.93M
Feb. 26, 2020 4:10p
P/E Ratio
16.01
Dividend Yield
6.33%
Market Cap
$77.06 billion
Rev. per Employee
$1.00M
loading...
/zigman2/quotes/205253475/delayed
US : U.S.: OTC
$ 17.83
-0.25 -1.38%
Volume: 89,728
Feb. 25, 2020 8:10p
P/E Ratio
15.43
Dividend Yield
N/A
Market Cap
$50.31 billion
Rev. per Employee
$761,598
loading...
/zigman2/quotes/203084975/delayed
AU : Australia: Sydney
$ 24.66
-0.42 -1.67%
Volume: 9.87M
Feb. 26, 2020 4:10p
P/E Ratio
13.02
Dividend Yield
7.06%
Market Cap
$90.42 billion
Rev. per Employee
$1.09M
loading...
/zigman2/quotes/210300378/delayed
US : U.S.: OTC
$ 16.90
+0.08 +0.48%
Volume: 15,089
Feb. 25, 2020 8:10p
P/E Ratio
12.69
Dividend Yield
N/A
Market Cap
$58.78 billion
Rev. per Employee
$830,218
loading...
/zigman2/quotes/205482049/delayed
AU : Australia: Sydney
$ 26.07
-0.52 -1.96%
Volume: 9.31M
Feb. 26, 2020 4:10p
P/E Ratio
12.96
Dividend Yield
8.37%
Market Cap
$75.41 billion
Rev. per Employee
$908,476
loading...
/zigman2/quotes/204542251/delayed
US : U.S.: OTC
$ 17.67
+0.46 +2.67%
Volume: 72,991
Feb. 25, 2020 8:10p
P/E Ratio
12.47
Dividend Yield
N/A
Market Cap
$48.82 billion
Rev. per Employee
$690,358
loading...
/zigman2/quotes/202351558/delayed
AU : Australia: Sydney
$ 10.88
-0.05 -0.46%
Volume: 15.59M
Feb. 26, 2020 4:10p
P/E Ratio
4.68
Dividend Yield
9.19%
Market Cap
$33.64 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/204116626/delayed
US : U.S.: OTC
$ 7.10
+0.10 +1.43%
Volume: 1,941
Feb. 25, 2020 2:35p
P/E Ratio
4.39
Dividend Yield
N/A
Market Cap
$21.85 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/201448516/delayed
AU : Australia: Sydney
$ 35.55
-0.78 -2.15%
Volume: 7.73M
Feb. 26, 2020 4:10p
P/E Ratio
13.30
Dividend Yield
6.10%
Market Cap
$183.71 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/208108397/composite
US : U.S.: NYSE
$ 46.78
-1.09 -2.28%
Volume: 2.00M
Feb. 25, 2020 6:30p
P/E Ratio
12.58
Dividend Yield
6.11%
Market Cap
$68.88 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/203840223/delayed
AU : Australia: Sydney
$ 28.24
-0.85 -2.92%
Volume: 3.15M
Feb. 26, 2020 4:10p
P/E Ratio
27.11
Dividend Yield
1.18%
Market Cap
$22.32 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/206026738/delayed
US : U.S.: OTC
$ 18.93
-0.17 -0.89%
Volume: 6,835
Feb. 25, 2020 2:11p
P/E Ratio
26.08
Dividend Yield
N/A
Market Cap
$14.52 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/209800866/delayed
KR : S. Korea: KRX
56,500.00
-1,400 -2.42%
Volume: 25.48M
Feb. 26, 2020 3:30p
P/E Ratio
17.85
Dividend Yield
2.51%
Market Cap
₩393295.00 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/202367843/delayed
US : U.S.: OTC
$ 44.20
0.00 0.00%
Volume: 0.00
Feb. 19, 2020 5:20p
P/E Ratio
16.29
Dividend Yield
N/A
Market Cap
$300.24 billion
Rev. per Employee
N/A
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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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