Japan shares down 2% on strong yen, weak data
HONG KONG (MarketWatch) — Japan’s Nikkei Stock Average ended sharply lower Thursday, although it closed out September trade with a strong monthly performance. Shares came under pressure during the session by a stronger yen, ongoing troubles in the consumer-lending sector, and weak industrial output data released before the market open. The Nikkei Average ended 2% lower at 9,369.4, but rose 6.2% for the month. The more inclusive Topix fell 2.1% to end at 829.5. Shares of Nintendo Co. ended 10.2% lower after the company cut its profit forecast and said a new videogame platform will not be ready in time for the holiday shopping season. Financial shares were down as concerns rose over potential solvency issues at consumer lenders following a bankruptcy filing by Takefuji Corp. earlier in the week. Mitsubishi UFJ Financial Group Inc. , Japan’s largest bank and a backer of consumer lender Acom Co. , fell 3.7%, while Sumitomo Mitsui Financial Group [s; jp:8316] , which backs a rival consumer lender, ended 3.9% lower. The dollar eased to 83.40 yen in late afternoon Tokyo hours, from 83.70 yen in late Wednesday trade in New York.
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