Japan Stocks Start Week Lower, With Techs Dragging

By Michael Kitchen

Published November 04, 2012

MarketWatch Pulse

LOS ANGELES ? ?Japanese stocks fell in early Monday trading, with blue-chip technology shares moving lower after some ratings-agency actions and an almost 1.3% drop Friday for the tech-heavy U.S. Nasdaq . The Nikkei Stock Average traded down 0.5% at 9,005.22, with the Topix also 0.5% lower. Among the major tech names, Sharp Corp. took another dive, dropping 5.5% after Fitch cut its rating on Sharp's debt late last week, citing liquidity concerns. Sony Corp. lost 2.4% after its first-half earnings results prompted Moody's to warn of a possible downgrade. Among other majors, Panasonic Corp. retreated 2% and Fujitsu Ltd. lost 3.4%. Daiwa Securities Group Inc. helped lead losses for the financials, dropping 3% despite the broker posting a swing to profit in the first fiscal half, as its European and Asia operations continued to lose money. On the upside, Toyota Motor Corp. rose 1.3% ahead of its earnings report due later in the day, as broadcaster NHK said the auto maker would hike its full-year operating profit forecast.

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