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Japan stocks lose ground amid Europe bank woes
By TOMOKO A. HOSAKA,Associated Press Writer AP - Wednesday, January 21
TOKYO - Japan stocks joined a regional sell-off Tuesday, as a new round of jitters about the health of global banks swept through the markets.
Any optimism over Barack Obama's inauguration as the next U.S. president faded amid an onslaught of bad news that included a record 28 billion-pound ($41.3 billion) loss forecast by the Royal Bank of Scotland, a second banking bailout by the British government and a prediction by the European Commission that the euro-zone economy will shrink 1.9 percent this year.
Markets throughout Asia recoiled, sending the Nikkei 225 stock average down by 191.06 points, or 2.3 percent, to 8,065.79. The broader Topix index lost 1.6 percent to 805.03.
The new flurry of pessimism is overshadowing expectations that a new Obama administration would aggressively revive an ailing U.S. economy, said Hideaki Higashi, equity strategist at SMBC Friend Securities in Tokyo.
"RBS was always seen as one of the weaker banks, and investor fears about its health were reconfirmed," Higashi said. "This in turn renewed concerns about the banking system."
Top Japanese bank Mitsubishi UFJ Financial Group Inc. lost 2.9 percent to 502 yen, Sumitomo Mitsui Financial Group Inc. fell 3.8 percent to 3,530 yen, and Mizuho Financial Group Inc. shed 6.2 percent to 228 yen.
Nippon Oil Corp. shed 4.1 percent to 400 yen as crude prices fell close to $34 a barrel Tuesday in Asia.
Investors were also wary ahead of earnings reports from major Japanese companies later this month. Elpida Memory Inc. dived 5 percent to 533 yen after the company delayed its earnings release by more than a week to Feb. 6.
Bucking the trend, top Japanese automaker Toyota Motor Corp. rose 2.3 percent to 3,100 yen as investors awaited an expected leadership shuffle, which came after market close.
Akio Toyoda, the grandson of Toyota's founder, was picked president Tuesday to lead the Japanese automaker through its biggest crisis in history. Earlier in the day, the company reported that its global vehicles sales fell 4 percent last year to 8.972 million units.
In foreign exchange, the dollar was trading at 90.38 yen from 90.69 yen late Monday. The euro stood at $1.2942 from $1.3098.
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