Japanese stocks decline on earnings amid global slowdown
News On Japan via BusinessWeek -- Oct 24
Japanese shares fell, with the Nikkei 225 Stock Average halting its longest winning streak since July 2011, on concern the global economic slowdown is crimping earnings and as commodities erased this year's gains.
Kawasaki Heavy Industries Ltd. (7012) sank 5.7 percent after the gas-turbine maker said operating profit missed its forecast as sales fell in China and Europe. Inpex Corp. (1605), Japan's top oil explorer by market value, slid 2.1 percent after crude prices fell to near a three-month low. Sharp Co. jumped 6.4 percent on a report the electronics maker plans to sell 10 million smartphones in the Chinese market.
The Nikkei 225 fell 0.7 percent to 8,954.30 at the 3 p.m. close in Tokyo, declining for the first time in eight days. Volume was 6.3 percent above the 30-day average. The Topix Index slid 0.8 percent to 743.27, with almost two shares declining for each that gained. Stocks pared losses after a survey from HSBC Holdings Plc and Markit Economics showed manufacturing in China may have contracted at a slower pace.
This Monday, members of the seminal metal band X Japan were in Odaiba rubbing shoulders with the likes of Brad Pitt, Lady Gaga and AKB48′s Yuko Oshima. The catch? They were all made out of wax. (Japan Times )
The parents of a nightclub worker killed in an arson fire three years ago filed a suit in the Nagoya District Court on Monday seeking damages against top members of the Yamaguchi-gumi organized crime group. (Tokyo Reporter )
Kyodo News said Monday that it has dismissed Satoshi Kondo, 51, deputy chief of its general administration bureau and former personnel affairs division chief, for meeting individually with a female student searching for a job and doing an inappropriate act.
(Jiji Press )