Japanese stocks fellafter a key survey by the central bank showed confidence among large manufacturers fell by an unexpectedly large amount.
|||Japanese stocks fell Thursday after a key survey by the central bank showed confidence among large manufacturers fell by an unexpectedly large amount.
The benchmark Nikkei 225 Stock Average lost 141.76 points, or 1.66 per cent, to stand at 8,377.37. The broader Topix index was down 11.96 points, or 1.62 per cent, at 725.02.
The drops followed falls in the United States and Europe Wednesday and mirrored downward trends across Asia Thursday.
The Bank of Japan's quarterly Tankan survey of business sentiment slid to minus four from October to December, from a positive two in the previous quarter in its first dip in two quarters.
A negative number on the index indicates that pessimists outnumber optimists.
The decline was larger than analysts had expected and indicated the difficulty Japan was having in recovering from a March earthquake, tsunami and nuclear accident.
Japan, whose economy is reliant on its exports, is struggling with a yen that has hit postwar highs this year, making its products more expensive abroad.
Recent floods in Thailand, where many Japanese-owned factories are located, disrupted supply chains and the country's manufacturing, which has also been hit by the slack economies in its largest markets, Europe and the United States.
On currency markets at 3 pm (08:00 SA time), the euro was quoted at 101.37-42 yen, down from 101.53-57 yen late Wednesday, and at 1.2982-87 dollars, down from 1.3020-22 dollars.
The dollar traded at 78.07-12 yen, up from 77.98-78,00 yen late Wednesday. - Sapa-dpa
Source: http://www.iol.co.za/japanese-stocks-fall-1.1199405
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