TOKYO, Nov 19 (Reuters) - Japan's Nikkei average slid 0.7
percent on Wednesday as fears of global recession and a stronger
yen outweighed the positive impact from overnight gains in U.S.
shares.
Mazda Motor Corp was little changed at 184 yen after
cash-strapped Ford Motor Co said on Tuesday will end 12 years of
control of Mazda through the sale of a 20 percent stake in the
Japanese carmaker for around $540 million.
Traders said investors welcomed the fact that Ford would
place the shares it plans to sell with Mazda and some Mazda
business partners.
"The stock market is under pressure as both the dollar and
the euro have slipped against the yen and as foreign investors
were net stock sellers this morning," said Hiroichi Nishi,
general manager of equity marketing at Nikko Cordial Securities.
"On the other hand, investors are hunting bargains, helping
underpin share prices," Nishi said.
The benchmark Nikkei fell 59.17 points to 8,269.24, after
having slipped 2.3 percent the previous day.
The broader Topix index slipped 0.6 percent to 830.11.
The yen rose on Wednesday as investors remained worried about
a deepening global recession and returned to the safety of the
Japanese currency.
Many exporters were hit by a stronger yen. Tokyo Electron
Ltd, the world's No.2 supplier of equipment used to make
semiconductors, dropped 3.3 percent to 2,820 yen.
(Editing by Michael Watson)
Content Provided by
Reuters Reuters is the largest international news agency -- providing professionals around the world with stories that move the markets.
- 
- 
- 
Welcome,
Guest!
News
