InfoAnda - Japan stocks tumble on renewed bank fears

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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Japan stocks tumble on renewed bank fears By TOMOKO A. HOSAKA,Associated Press Writer AP - Wednesday, April 22 TOKYO - Japanese stocks tumbled Tuesday, with investors rattled by a blowout in problem loans at a major U.S. bank and an unsettling production outlook for Toyota Motor Corp. ADVERTISEMENT The benchmark Nikkei 225 stock average declined 213.42 points, or 2.4 percent, to 8,711.33 _ its lowest closing level in two weeks. The broader Topix fell 2.1 percent to 830.72. Overnight on Wall Street, the Dow Jones industrials shed 3.6 percent on news of mounting bad loans at Bank of America. Investors reverted to worrying about the banking industry again after the bank, while posting a profit in the first quarter, said it was setting aside $13.4 billion to cover losses from souring loans. Japan's biggest bank, Mitsubishi UFJ Financial Group Inc., fell 1 percent to 491 yen, Sumitomo Mitsui Financial Group Inc. was down 1.7 percent to 2,980 yen, and Mizuho Financial Group Inc. slipped 1 percent to 195 yen. Nomura Holdings Inc., Japan's biggest securities firm, slumped 3.7 percent to 578 yen. Shin Tamura, a banking analyst at Deutsche Securities Inc. in Tokyo, warned that bank shares face a rocky road in the near term, particularly with earnings reports from U.S. banks still coming in and the results of the Federal Reserve's stress tests out soon. The sell-off in Tokyo was widespread, extending to trading houses, commodities-related shares and automakers. Toyota Motor Corp. lost 3.9 percent to 3,720 yen after Japan's top-selling daily reported that the automaker's domestic output this fiscal year is likely to fall to the lowest level in more than three decades. As a result, the company will have difficulty maintaining its entire full-time work force and may need to make some cuts, according to the Yomiuri newspaper. The company declined to comment on the report. Honda Motor Co. stumbled 4.9 percent to 2,730 yen and Mitsubishi Motors Corp. lost 2 percent to 144 yen. Electronics retailers bucked the trend, jumping on news that the government would start its incentive program for "eco-friendly" shopping on May 15. Retailer Yamada Denki Co. jumped almost 9 percent to 4,780 yen, while rival Edion Corp. surged 13 percent to 391 yen. In currencies, the dollar strengthened to 98.22 yen from 97.99 yen late Monday. The euro held steady at $1.2909. ____ AP Writer Shino Yuasa contributed to this report. Email Story IM Story Printable View Blog This Recommend this article 0 users recommend Sign in to recommend this article » Most Recommended Stories » Related Articles: Business Delta posts $794 million 1Q lossAP - 17 minutes ago Earnings Preview: The Hershey Co.AP - 20 minutes ago Earnings Preview: Marriott International Inc.AP - 21 minutes ago Earnings Preview: Royal CaribbeanAP - 26 minutes ago Earnings Preview: Philip Morris InternationalAP - 35 minutes ago Most Popular – Business Viewed Physicist Stephen Hawking 'very ill': university Police nab Norwegian pair during high-speed sex Warming pushes birds to migrate farther Bank of America profits roar, but loan losses loom 'Silent' heart attacks go unnoticed: study View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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