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Japanese shares slip as stronger yen dents exporters

Published 07/08/2019, 02:53
Updated 07/08/2019, 03:00
© Reuters.  Japanese shares slip as stronger yen dents exporters

© Reuters. Japanese shares slip as stronger yen dents exporters

By Shinichi Saoshiro
TOKYO, Aug 7 (Reuters) - Japanese stocks slipped on
Wednesday as a strong yen took a toll on exporters, although an
overnight bounce by Wall Street following the recent tumble
helped limit the overall losses.
The Nikkei stock average .N225 was down 0.53% at 20,476.55
as of 0141 GMT.
Companies reliant on exports slipped as the yen JPY=
remained strong against the dollar, staying close to a
seven-month high scaled the previous day.
Honda Motor Co 7267.T lost 1%, Mitsubishi Electric Corp
6503.T shed 1.7% and Canon Inc 7751.T slipped 0.5%.
Earnings reports also continued to buffet trading.
Kirin Holdings Co 2503.T tumbled 5.2% after Japan's second
biggest brewer posted a net loss of 7.31 billion yen ($68.8
million) in the Jan-June period. Sumco Corp 3436.T , a manufacturer of silicon wafers used
in semiconductors, sank 9.2% after its operating profit fell
18.4% in Jan-June. On the winners ledger, Fancl Corp 4921.T edged up 0.9%
after Kirin Holdings said on Tuesday that it would take a 30.3%
stake in the cosmetics company. JVC Kenwood Corp 6632.T soared 19% as the maker of car
audio and visual systems reported a 77.9% operating profit
increase in the April-June quarter. Control equipment manufacturer Yokogawa Electric Corp
6841.T added 5.2% on reporting an operating profit increase of
37.5% in April-June. The broader Topix .TOPX shed 0.3% to 1,494.74.
($1 = 106.2400 yen)

(Editing by Shri Navaratnam)

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