Japan Stocks Turn Lower After Long Winning Streak
After seven winning sessions in a row, Japanese shares took a step back Tuesday morning, with the blue-chip Nikkei Average and broader Topix each 0.6% lower. A negative session on Wall Street, with the S&P 500 falling the most in almost seven weeks, weighed on the likes of Nomura Holdings Inc. and Daiwa Securities Group Inc. , down 2.1% and 1.3%, respectively. Sony Corp. gave up 3% after its New York-traded shares ended 4.6% lower Monday as reports said hackers had released additional sensitive data from Sony's entertainment unit. Likewise, a modest rebound for the yen (with the U.S. dollar trading at �120.89 vs. �121.28 at the previous stock close) appeared to drag on some of the exporters: Toshiba Corp. lost 1.4%, Hitachi Ltd. dropped 1.1%, Komatsu Ltd. fell 2.3%, Honda Motor Co. retreated 0.9%, Nissan Motor Co. eased by 0.8%, and Panasonic Corp. surrendered 2.5%, extending losses Monday after J.P. Morgan cut its rating on the shares to neutral from overweight. Meanwhile, furtniture retailer Nitori Holdings Co. added 0.2%, and Ryohim Keikaku Co. -- known for its no-brand-name consumer goods -- outperformed with a 0.3% loss after the Nikkei business news cited the pair as examples of low-beta stocks that had come into favor by those worried about an impending correction for Japanese equities.
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