Date: Friday 16 Jul 2010
Japanese stocks fell almost 3% Friday on profit taking ahead of the long weekend as concerns grow that the yen could target 15-year highs against the dollar.The usual suspects – Canon, Sony and Tokyo Electron – were among the strugglers as a stronger local currency makes their goods more expensive to overseas buyers.
A 277-point slump was the biggest one-day fall in over a month, taking the leading Nikkei index down to 9,408, its lowest since 7 July.
In Hong Kong, shares fell slightly as investors continued to mull the previous session’s news of slower growth in China.
The Hang Seng is down about 10 points at 20,245, as oil giants CNOOC and PetroChina lose out on weaker crude pricesl. HSBC was one of the top risers, adding over 1%.
AgBank did better, up around 3%, improving on a weaker than expected market debut Thursday.
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