Japan Stocks Decline


Japan's stocks declined after U.S.- based J.C. Penney Co. cut its profit target, adding to evidence spending is falling in the nation's biggest export market.

Nissan Motor Co. led a decline by automakers, while Casio Computer Co., the maker of G-Shock watches, headed for the biggest drop in three months after it missed a profit target. Elpida Memory Inc., Japan's largest maker of computer-memory chips, jumped after saying it plans to raise prices.

J.C. Penney, the third-biggest U.S. department-store chain, slashed its first-quarter profit forecast on March 28 because of slowing consumer spending. A quarterly economic report from Japan's central bank tomorrow will probably show confidence among large manufactures fell to the lowest since 2004.

The Nikkei 225 Stock Average declined 151.85, or 1.2 percent, to 12,668.62 as of 9:54 a.m. in Tokyo. The broader Topix slumped 14.61, or 1.2 percent, to 1,229.20. All but five of 33 industry groups on the Topix fell.


TradingEconomics.com, Bloomberg
3/30/2008 6:23:18 PM