Tokyo stocks end lower on pause of yen's falling

Tokyo stocks ended lower Wednesday as the yen's depreciation paused and triggered investors' sentiment to lock in gains in the recent buoyant sessions.The Tokyo markets surged sharply due to the yen's slide as the 225-issue Nikkei Stock Average surged about 11 percent from its closing on Nov. 8 to Monday's 15,619.13, six-month finishing high, and triggered cash-in on recent sharply gains.The momentum lost ground on Tuesday and continued to drop Wednesday, with Nikkei ended the day down 65.61 points, or 0.42 percent, from Tuesday at 15,449.63.The broader Topix index of all First Section issues on the Tokyo Stock Exchange finished 5.94 points, or 0.47 percent, lower at 1,247.08.The U.S. dollar hovered at mid-101 zone by Wednesday afternoon, compared with its six-month high in the upper 101 yen range on Monday, while the euro traded at mid 137 yen level Wednesday afternoon.Investors' confidence in export-oriented issues was weakened by dollar's advance, which nearly hit 102 yen on Monday.Brokers here said that they believed that if dollar rises again to upper 101 yen level or breaks the 102 yen threshold, Nikkei would keep increase.Analysts also said that as the Nikkei holding firm at around 15, 400, investors are tend to catch opportunity to buy in dips.

The decliners on Wednesday were led by information and communication, consumer finance and metal companies, while gainers included oil and real estate companies.Declining issues outpaced the advancing 1,071 to 552 on the First Section, while 134 shares remain unchanged when the market closed.Softbank, recent major gainer, fell 240 yen, or 2.8 percent, to 8,310 yen and Fast Retailing was also down 50 yen, or 0.1 percent, to 37,650 yen.Fujikura Rubber shed 31 yen, or 6.6 percent, to 440 yen after announcing its plan to raise as much as 1.6 billion yen through a public offering and other steps.By contrast, Panasonic surged to a year-to-date high as media reported that it is in talks to sell off three semiconductor plants in Japan to Israeli chipmaker TowerJazz, making investors take the news as a signal that the company's restructuring efforts are accelerating. The stock closed up 39 yen, or 3.5 percent, at 1, 167 yen.On the Jasdaq market for start-up firms, Rakuten jumped 92 yen, or 6.4 percent, to 1,527 yen as the Tokyo Stock Exchange said Tuesday that the Japanese e-commerce company will be promoted to the bourse's First Section on Dec. 3.Buying was also spurred by Rakuten's announcement that it will pay a special dividend to commemorate the market shift and the Tohoku Rakuten Eagles' first Japan Series professional baseball championship title.Trading volume on the main section came to 2,167.09 million shares, down from Tuesday's 2,485.96 million shares.The turnover was about 1,926.3 billion yen (about 18.99 billion U.S. dollars).
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