Japan stocks drop on weak data, stronger yen
LOS ANGELES (MarketWatch) -- A string of weak economic data and a rising Japanese yen pushed Tokyo equities sharply lower in early Monday trade, with the Nikkei Stock Average JP:100000018 -1.01% losing 0.9% to 8,936.78, and the Topix also off 0.9%. After key U.S. jobs numbers disappointed to the downside Friday, sending Wall Street to losses, Japanese data Monday showed a smaller-than-expected current-account surplus and a surprising heavy drop in core machinery orders, seen as a leading indicator of corporate spending. Meanwhile, the euro and U.S. dollar traded lower against the yen, dragging on Japan's heavyweight exporting sectors. Sony Corp. JP:6758 -1.92% SNE -1.02%lost 2%, NEC Corp. JP:6701 -3.45% NIPNF +2.67% dropped 2.6%, Advantest Corp.JP:6857 -4.36% ADTTF -15.71% retreated 3.8%, Honda Motor Co. JP:7267 -2.14% HMC -1.08%shed 2%, and Mazda Motor Corp. JP:7261 -2.89% MZDAF -8.15% moved 1.9% lower. Shares of Fast Retailing Co. JP:9983 -2.66% FRCOF +2.65% traded down 2.8% after it cut its fiscal-year profit outlook, citing weakness in domestic sales.
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