Japanese Stocks Decline as Yen Strengthens on Cyprus Concern

Japanese Stocks Decline as Yen Strengthens on Cyprus Concern

Bloomberg, (26/3) -- Japanese shares fell as the yen traded near a three-week high amid concern the restructuring plan for Cyprus will set a precedent for losses on deposits in other European countries. Toyota Motor Corp., the world’s largest carmaker, slid 1.2 percent. Konica Minolta Holdings Inc., a lensmaker that gets 28 percent of its revenue from Europe, fell 4.3 percent. Nippon Electric Glass Co. jumped 3.7 percent after raising its profit forecast, leading gains on the Nikkei 225 Stock Average. Softbank Corp., Japan’s No. 3 mobile operator, rose 3.1 after saying it will raise its stake in Gungho Online Entertainment Inc. to tap demand for mobile games. The Nikkei 225 slid 0.4 percent to 12,492.35 as of 9:47 a.m. in Tokyo, with trading volume 22 percent below the 30-day intraday average. The broader Topix Index declined 0.3 percent to 1,044.19. About three stocks fell for every two that gained on the gauge. “The atmosphere of hope and fear is going to continue,” said Toshihiko Matsuno, senior strategist at SMBC Friend Securities Co. in Tokyo. “The wind has turned negative for the exporters. There’s going to be some backlash on financial and real estate stocks too, as they rose a lot yesterday.”