By Michael Kitchen
LOS ANGELES (MarketWatch) -- Japanese shares reversed from a positive open to trade modestly lower early Thursday, following a turn in direction for the yen. The Nikkei Stock Average dipped 0.1% to 8,842.5, while the Topix lost 0.3% to 805.3, as the U.S. dollar eased back to ¥84.65 after trading at ¥84.75 an hour earlier. Some exporters managed to hang on to gains, with Nintendo Co. (JP:7974 23,360, +70.00, +0.30%) (NTDOF 270.00, +10.00, +3.85%) 1.1% higher, and chip maker Elpida Memory Inc. (JP:6665 1,030, +21.00, +2.08%) (ELPDF 0.00, 0.00, 0.00%) up 1.5%. But others, particularly in the auto sector, moved lower, with Honda Motor Co. (JP:7267 2,718, -87.00, -3.10%) (HMC 32.23, -0.31, -0.95%) losing 0.2% and Nissan Motor Co. (JP:7201 627.00, -10.00, -1.57%) (NSANY 14.85, +0.04, +0.27%) falling 0.3%. Also on the retreat, Daiichi Sankyo Co. (JP:4568 1,676, -2.00, -0.12%) (DSKYF 19.50, -0.15, -0.76%) lost 1.3% following a CNBC report its Indian subsidiary Ranbaxy Laboratories Ltd. may have to pay a penalty to U.S. pharma regulators. |
