Nikkei tumbles from four-week high on concern about China funds
News On Japan via Reuters -- Oct 26
Japan's Nikkei share average was knocked off a four-week high on Friday on concern that Chinese funds face heavy redemptions after a poor quarterly performance, and as disappointing earnings from Fanuc Ltd (6954.T) dragged.
The Nikkei .N225 fell 1.4 percent to 8,933.06 after Asian shares slumped on a report in the China Securities Journal that Chinese funds had posted a 75 billion yuan ($12.02 billion) loss in the three months to September.
"The region is selling off quite aggressively ... but we certainly had a good run there despite weak results in the U.S.," said a trader at a foreign bank. "The yen has been very encouraging and there were a lot of people getting long."
The benchmark rallied more than 6 percent between a two-month low on October 12 and Thursday's close as a softer yen and expectations of substantial easing from the Bank of Japan overshadowed poor earnings and profit warnings.
Sources have said the BOJ is expected to ease monetary policy next week by expanding asset purchases by at least 10 trillion yen and may commit to injecting cash until 1 percent inflation is achieved, a distant goal given core consumer prices dropped 0.1 percent in the year to September.
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 )