TOKYO: Japanese stocks declined, following U.S. stocks weaker after oil value slumped to a 5 1/2-year low. Exporters plunged as the yen gained.
Inpex Corp., Japan’s biggest energy explorer by market value, slid 3.4 percent. Toyota Motor Corp., which gets about 70 percent of its sales abroad, lost 3 percent to be the biggest drag on the Topix index. Supermarket operator Aeon Co. tumbled 6.4 percent, the most on the Nikkei 225 Stock Average, after reporting operating profit that missed estimates. Alps Electric Co., an electronic parts maker, jumped 1.7 percent as Credit Suisse Group AG raised its rating on the stock.
The Topix index lost 1.7 percent to 1,356.87 as of 12:38 p.m. in Tokyo, with more than five stocks falling for each that rose, as markets reopened after a holiday. The Nikkei 225 dropped 1.9 percent to 16,870.78. The yen gained 0.4 percent to 117.89 per dollar, strengthening for a third day. Data today showed Japan’s November current account surplus was 433 billion yen, beating economist estimates for 139.5 billion yen.
“The weak yen was the main reason for Japanese corporations to have earnings growth for the last fiscal year, so Japanese shares are mainly dragged down by exporters today on the strong yen,” said Steven Leung, director of institutional sales at UOB Kay Hian Ltd. The yen gained “in response to much better-than-expected current account numbers. Falling oil prices should be positive for Japan since it imports quite a lot of oil.”
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