TOKYO: Japanese stocks swung lower Wednesday under pressure from a stronger yen and weaker U.S. shares overnight, with the Nikkei Average NIK, -0.25% down 0.6% a day after snapping its 12-session winning streak. The Topix I0000, -0.13% softened by 0.5%. Dollar weakness drove a solid rebound for the yen, with the greenback USDJPY, -0.12% dropping to ¥124.08 after briefly breaking above the ¥125 handle the previous day. The forex action and the recent run-up in Tokyo shares helped to drive selling interest in the blue-chip exporters, with Hitachi Ltd. 6501, -0.46% HTHIF, -1.34% down 1.3%, Canon Inc. 7751, +0.06% CAJ, -1.07% down 0.8%, robot-builder Fanuc Corp. 6954, -1.10% FANUF, -0.13% down 1.4%, and Apple Inc. AAPL, -0.44% supplier Murata Manufacturing Co. 6981, -0.52% MRAAF, +2.78% down 1.2%. The big auto makers were mixed following the release of U.S. sales numbers for May. Toyota Motor Corp. 7203, +0.23% TM, -0.49% fell 0.5% after its U.S. Toyota division posted a 1.6% drop in unit sales, though the company’s Lexus unit saw a more than 10% gain. Likewise, Subaru maker Fuji Heavy Industries Ltd. 7270, -0.82% FUJHF, +4.38% fell 1%, but Honda Motor Co. 7267, +2.07% HMC, -1.08% gained 0.7%, and Nissan Motor Co. 7201, +0.98% NSANY, +1.74% rose 0.6% despite a 0.8% May sales drop in the U.S., offset by a 0.9% rise in sales of its Infiniti models. Among related names, Bridgestone Corp. 5108, -2.00% BRDCF, -1.23% retreated 2.6%, but Takata Corp. 7312, +0.98% TKTDY, +0.05% managed to rise 1.3% after a U.S. Takata executive testified to Congress. In the contruction materials and fixtures sector, Lixil Group Corp. 5938, +5.32% rallied 4.2% after a Nikkei news report said the company would post a loss slightly wider than previously forecast due to the bankruptcy of its Joyou subsidiary, with investors apparently relieved all the same. Stock in Nippon Sheet Glass Co. 5202, +4.48% rose 2.2% on a separate Nikkei report that the company was boosting production at its Malaysian automotive-glass plant by 50%.
