Date: Tuesday 22 Jun 2010
The Nikkei fell across the board on Tuesday as investors paused for breath following the previous session’s rally.Japan's new prime minister Naoto Kan also today set targets to rein in the country's national debt. However he gave few details on how it will be achieved.
Japan also raised its full year growth forecast to 2.6%, up from a previous 1.4% estimate.
Elsewhere shares in Canon tumbled 2.5% while Nintendo lost 3.2% to 28,330 yen in Tokyo, snapping it recent winning streak.
Caution prevailed following losses on Wall street vernight while investors continued to mull China’s announcement that it will end the yuan's two-year peg to the dollar. Shipping line Mitsui OSK steamed 2.1% lower at 657 yen as freight rates declined.
Elsewhere shares in Takeda Pharmaceutical sagged 1.4% after the group said some patients taking its experimental anaemia drug showed greater risk of cardiovascular problems.
The Nikkei 225 index closed down 125 points at 10,113 in Tokyo.
The Hang Seng drifted lower after a volatile session as traders took a breather following Monday's rally.
Shares on the move included Foxconn, which fell 1.5%. HSBC declined 1.2% on fears about European debt problems. Aluminum Corp of China rallied 3.1% in Hong Kong.Property stocks did well in early trading on hopes that the stronger Chinese yuan would boost interest from mainland investors.
The Hang Seng fell 61 points at 20,851.
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