Nikkei eases as automakers drag

Updated - January 09, 2018 at 04:48 AM.

Mitsubishi Materials Corp dived as much as 11 per cent

The Nikkei declined 0.4 per cent to 22,428.83 in midmorning trade. File Photo

Japan's Nikkei share average fell on Friday morning after exporters such as automakers were sold, while Mitsubishi Materials dived after it said its subsidiaries falsified data.

The Nikkei declined 0.4 per cent to 22,428.83 in midmorning trade, after markets were closed for a national holiday on Thursday. The index is up 0.2 per cent so far this week.

Automakers were hit by selling, with Toyota Motor Corp and Honda Motor Co dropping 1.3 per cent after the dollar dropped to a two-month low of 111.07 yen on Thursday, before edging up 0.1 per cent in Asian trade on Friday. Other exporters also weakened, with Panasonic Corp shedding 0.9 per cent and TDK Corp declining 2.7 per cent.

Mitsubishi Materials Corp dived as much as 11 per cent after the company said its subsidiaries had falsified product data, the latest in a series of quality assurance scandals involving Japanese manufacturers.

That sent the nonferrous metal sector the poorest performer on the board, down 2.0 per cent.

The broader Topix dropped 0.3 per cent to 1,772.69.

Published on November 24, 2017 03:11