Japanese stocks fell Thursday as fresh concerns about the strong yen and mounting doubts about the country's economic recovery weighed on sentiment.
Japanese stocks fell Thursday as fresh concerns about the strong yen and mounting doubts about the country's economic recovery weighed on sentiment.
The benchmark Nikkei 225 stock average lost 141.90 points, or 1.4 percent, to 9,862.82. The broader Topix index finished down 1.3 percent at 873.90.
Trading was choppy throughout the session but turned lower in the afternoon after the yen spurted higher against the dollar and the euro. A stronger yen hurts Japanese exporters like automakers and electronics companies.
Earlier in the day, the government said that machinery orders, a closely watched indicator of corporate capital spending, fell 4.5 percent in October from a month earlier.
The report came a day after the Cabinet Office sliced its estimate of third quarter gross domestic product to 1.3 percent annualized growth from 4.8 percent.
All automakers declined, with Toyota Motor Corp. down 1.6 percent at 3,650 yen and Honda Motor Co. losing 1.5 percent to 2,930 yen.
Small-car maker Suzuki Motor Corp. plunged 6.5 percent to 2,215 yen. Volkswagen AG said Wednesday it would buy a 20 percent stake in Suzuki 222.5 billion yen ($2.5 billion), forming one of the world's biggest auto alliances.
Among the few gainers, Sanyo Electric Co. surged more than 10 percent to 176 yen on high hopes for its future. Panasonic announced after market close that it had secured a majority stake in the company, as expected.
In currencies, the dollar had recouped losses by late afternoon, rising to 88.23 yen from 87.88 late Wednesday. The euro fell to $1.4709 from $1.4726.
