Nikkei drops on China worries; Topix volume hits lowest since mid-Dec
cnbc.com -- Jun 24
Japan's Nikkei share average fell on Monday in choppy trade as worries about Chinese economic and financial stability soured investor sentiment, dragging down China-related stocks such as construction equipment makers and some exporters.
The benchmark Nikkei, which climbed as much as 1.5 percent early in the session, ended the day down 1.3 percent at 13,062.78.
Of 33 Topix subsectors, 25 were lower, with China-related stocks have the largest declines. The Nikkei China 50 index fell 1.9 percent.
Komatsu Ltd dropped 4.6 percent and Hitachi Construction Machinery Co by 3.7 percent. Fanuc Corp skidded 2.3 percent and Nissan Motor Co slid 3.4 percent.
Early on Monday, the Nikkei rose, supported by a weak yen. But a sell-off in other Asian markets, which were in oversold territory, erased the gains.
China bank shares led the downward spiral after official news reports at the weekend suggested Beijing would continue to keep monetary policy tight.
Japanese Prime Minister Shinzo Abe on Monday defended as "necessary" an unpopular secrets law that he rushed through parliament, as a new poll showed his support rating had plunged 10 percent in a month. (AFP )
Tokyo Governor Naoki Inose on Monday offered to give up all of his pay for one year to take responsibility for accepting questionable financial assistance from the Tokushukai medical group. (Jiji Press )
Singaporean chef Li Kwok Wing has trumped nine other chefs from around the world to clinch the gold medal in the finals of the inaugural Washoku World Challenge held in Tokyo on Sunday. (Straits Times )
Tokyo Metropolitan Police in November announced the bust of a studio for allowing photography of school girls in seductive poses. According to Shukan Jitsuwa (Dec. 19), the trade in illicit private photography is varied, with office ladies among those in the biz. (Tokyo Reporter)
Kanagawa prefectural police said Friday they have arrested four individuals in Ebina, in connection with a robbery case in which a pregnant woman on her way home was struck in the face and robbed of approximately 100,000 yen in cash. (Japan Today )