Japan Stocks Extend Losses As Yen Strengthens Further

Japan stocks extended losses Wednesday morning, as the yen rose further against the dollar. The Nikkei Average retreated 1.4%, with the Topix down 1.3%. The yen advanced versus the dollar to �119.50, compared with �119.60 in New York Tuesday afternoon. The dollar tumbled against the yen on Tuesday as Asian equities ended lower following a sell-off in Chinese stocks. Export-related shares fell broadly, as electronics giant Fujitsu Ltd. slid 2.7%, rival Panasonic Corporation lost 2.3%, Hitachi, Ltd. fell 2%, and Sharp Corporation gave up 1.8%. Auto makers also suffered substantial losses, with Mazda Motor skidding 3.6%, Honda Motor Co., Ltd. off 2%, Toyota Motor Corp. down 1.8%, and Nissan Motor Co., Ltd. lower by 1.7%. Energy names remained weak despite a rebound in international crude prices amid volatile trade, as Japan Petroleum Exploration Co., Ltd. pulled back 1.4%, and Showa Sheel Sekiyu K.K. moved lower by 0.7%. In Australia, the S&P/ASX 200 headed down 1%.