Epic Research Singapore : Asian Market Closing Update

While most Asian markets have rebounded following Wall Street’s gains, Tokyo stood out with heavy losses, again. Both the Nikkei Average and the Topix index were off 2.1% at the close, posting a four-day losing streak each.

Toyota Motor fell 3.1%, after reports Wednesday that the world’s largest automaker recalled 6.4 million vehicles globally, due to problems affecting steering wheels, seat rails, engine starters, cables attached to airbags, etc.

Other Japanese car makers declined along with Toyota, as Mazda Motor tumbled 3.7%, Nissan Motor lost 2.6%, and Honda Motor dropped 0.6%.

Tech exporters continued a downward slide, appearing to ignore a small rebound in the yen against the greenback. Sony Corp. pulled back 3.4%, Renesas Electronics Corp. gave up 2.8%, and both Sharp Corp. and Nikon Corp. were off 2.2%.

The dollar was buying ¥102.02, slightly up from ¥101.90 in the previous session. The yen strengthened more than 1% against the U.S. unit on Tuesday.

Real-estate stocks suffered steep falls, as Mitsubishi Estate Company skidded 4.7%, Sumitomo Realty & Development Co. lost 3.8%, and Sekisui House moved 3.4% lower.

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