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Aug. 8, 2014, 4:54 a.m. EDT

Japanese stocks sink as geopolitical tensions weigh

Shanghai stands out on Chinese export growth

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By Laura He, MarketWatch

HONG KONG (MarketWatch) — Japan stocks sold off on Friday amid geopolitical worries, as the benchmark index suffered its worst daily percentage decline since mid-March.

U.S. President Barack Obama said Friday morning that he had authorized airstrikes in Northern Iraq as needed, adding to concerns over geopolitical risks in the Middle East and Ukraine.

The yen, as a traditional safe-haven currency, was bid sharply higher. The dollar /zigman2/quotes/210561789/realtime/sampled USDJPY -0.0076%  declined to ¥101.691, from ¥102.175 the previous day.

The benchmark Nikkei Average /zigman2/quotes/210597971/delayed JP:NIK -0.39%  tumbled 3% to close at 14,778.37, its lowest settlement in more than two months. The broader Topix index /zigman2/quotes/210598092/delayed JP:180460 -0.20%  also ended 2.4% lower.


Reuters

Exporter shares were hit hard as the yen firmed. Camera maker Nikon Corp. /zigman2/quotes/203281219/delayed JP:7731 -7.31%  was down 9.4%, rival Olympus Corp. /zigman2/quotes/200860615/delayed JP:7733 +3.37%  sank 7.1%, semiconductor firm Renesas Electronics Corp. /zigman2/quotes/203872935/delayed JP:6723 +4.50%  slid 4.2%, and IT service provider Fujitsu /zigman2/quotes/208459594/delayed JP:6702 -1.77%  lost 3.7%.

Several other Asian markets also suffered losses, as Sydney’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO -0.62%  fell 1.3%, South Korea’s Kospi Composite Index /zigman2/quotes/210598069/delayed KR:180721 +0.39%  dropped 1.1%, and Hong Kong’s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI -1.60%  edged down 0.2%.

However, mainland China market was the stand-out winner in the region, after China reported a much stronger-than-expected growth in exports for July. The Shanghai Composite Index /zigman2/quotes/210598127/delayed CN:SHCOMP -0.96%  rebounded 0.3%, breaking a three-day losing streak.

Data showed earlier in the day that China’s exports climbed 14.5% in July from a year earlier, well above the 8% rise forecast in a Wall Street Journal survey of economists.

More must-reads from MarketWatch:

Bank of Japan stands pat, cuts view on export

Australia’s central bank lowers growth forecast

Walmart China accused of using old meat, oil

/zigman2/quotes/210561789/realtime/sampled
US : Tullett Prebon
105.9200
-0.0080 -0.0076%
Volume: 0.0000
Aug. 7, 2020 4:59p
loading...
/zigman2/quotes/210597971/delayed
JP : Nikkei
22,329.94
-88.21 -0.39%
Volume: 0.00
Aug. 7, 2020 3:15p
loading...
/zigman2/quotes/210598092/delayed
JP : Tokyo Exchange (TOPIX)
1,546.74
-3.14 -0.20%
Volume: 0.00
Aug. 7, 2020 3:00p
loading...
/zigman2/quotes/203281219/delayed
JP : Japan: Tokyo
¥ 735.00
-58.00 -7.31%
Volume: 6.52M
Aug. 7, 2020 3:00p
P/E Ratio
N/A
Dividend Yield
2.72%
Market Cap
¥269.84 billion
Rev. per Employee
¥34.15M
loading...
/zigman2/quotes/200860615/delayed
JP : Japan: Tokyo
¥ 2,010.00
+65.50 +3.37%
Volume: 6.50M
Aug. 7, 2020 3:00p
P/E Ratio
65.06
Dividend Yield
1.00%
Market Cap
¥2584.03 billion
Rev. per Employee
¥22.14M
loading...
/zigman2/quotes/203872935/delayed
JP : Japan: Tokyo
¥ 627.00
+27.00 +4.50%
Volume: 20.69M
Aug. 7, 2020 3:00p
P/E Ratio
38.28
Dividend Yield
N/A
Market Cap
¥1078.06 billion
Rev. per Employee
¥36.92M
loading...
/zigman2/quotes/208459594/delayed
JP : Japan: Tokyo
¥ 13,870.00
-250.00 -1.77%
Volume: 816,300
Aug. 7, 2020 3:00p
P/E Ratio
16.39
Dividend Yield
1.44%
Market Cap
¥2777.41 billion
Rev. per Employee
¥28.38M
loading...
/zigman2/quotes/210598100/delayed
AU : S&P ASX
6,004.80
-37.40 -0.62%
Volume: 612,541
Aug. 7, 2020 5:26p
loading...
/zigman2/quotes/210598069/delayed
KR : Korea Exchange
2,351.67
+9.06 +0.39%
Volume: 812,594
Aug. 7, 2020 3:32p
loading...
/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
24,531.62
-398.96 -1.60%
Volume: 1.61M
Aug. 7, 2020 4:08p
loading...
/zigman2/quotes/210598127/delayed
CN : China: Shanghai
3,354.04
-32.43 -0.96%
Volume: 40.39B
Aug. 7, 2020 3:01p
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Laura He is a MarketWatch reporter based in Hong Kong. Follow Laura on Twitter at: @lauraliuhe.

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