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Nikkei slips on disappointing earnings as BOJ verdict looms
April 27, 2016 / 6:16 AM / 2 years ago

Nikkei slips on disappointing earnings as BOJ verdict looms

TOKYO, April 27 (Reuters) - Japanese stocks fell for a third straight day on Wednesday as disappointing corporate earnings came into sharp focus amid uncertainty over whether the Bank of Japan will deliver further stimulus at this week’s policy meeting.

The Nikkei share average declined 0.4 percent to 17,290.49.

Japan-based suppliers of iPhone parts fell in early trade after Apple Inc reported its first-ever decline in iPhone sales and its first revenue drop in over a decade.

Ceramic capacitor maker Murata Manufacturing Co Ltd , which relies heavily on Apple for sales, ended the day 4.4 percent lower. Image sensor makers Alps Electric Co Ltd and Mitsumi Electric Co Ltd each pared heavier morning session losses to end the day around 1.2 percent lower.

Mitsubishi Motors Corp was 2.8 percent lower after media reports that the company’s two top executives are likely to resign over the Japanese automaker’s manipulation of fuel economy data. The stock closed at 422 yen has shed more than half its value since closing at 864 yen on April 19, a day before the fuel economy scandal came to light.

Shares of JFE Holdings Inc shed 3.6 percent and weighed heavily on the steel sector, which fell 1.2 percent, after the steel giant reported declines in sales and operating profit on Tuesday.

The broader Topix fell 0.5 percent to 1,384.30 and the JPX-Nikkei Index 400 declined 0.6 percent to 12,536.85. (Reporting by Joshua Hunt; Editing by Shri Navaratnam)

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