MW: Japan shares slip after downgrade to U.S. economy
By Myra P. Saefong
TOKYO (MarketWatch) -- Japanese shares traded modestly lower Thursday morning in Tokyo, pressured after the U.S. Federal Reserve downgraded the economic outlook but finding some support after suffering losses over the past two sessions. The Nikkei Stock Average shed 0.2% to 9,900.81, and the broader Topix was at 879.17, down 0.2%. Auto and electronics firms were among the bigger decliners amid continued strength in the yen, with Renesas Electronics Corp. (JP:6723 848.00, -35.00, -3.96%) (RNECY 4.57, -0.01, -0.22%) losing 2.6% and Nissan Motor Co. Ltd. (JP:7201 666.00, -12.00, -1.77%) (NSANY 14.60, -0.10, -0.68%) down 1.5%. But shares of Shinsei Bank Ltd. (JP:8303 89.00, 0.00, 0.00%) (SKLKF 0.96, +0.01, +1.05%) were up 2.3% as traders mulled the latest news on the bank. The Nikkei business daily reported Thursday that the Financial Services Agency will issue an order to Shinsei by the end of the month to improve its earnings and review its compensation. The news comes a day after four foreign executives at the bank resigned amid pressure over pay. Elsewhere, South Korea's Kospi added 0.2%
