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Tokyo: Nikkei closes at 1-week low on stronger yen, weaker oil

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[TOKYO] Japanese stocks fell on Wednesday as a stronger yen weighed on exporters and oil prices extended sharp declines, after top crude exporter Saudi Arabia ruled out production cuts while industry data showed growing US stock piles.

The Nikkei share average fell 0.9 per cent to 15,915.79 for its lowest close in a week.

Suzuki Motor shares slipped 1.6 per cent after Deutsche Bank cut its target price on them to 2,950 yen each from 4,200 yen, citing the impact of foreign exchange adjustments and weaker outlook for its India operations.

Mitsubishi Heavy Industries saw its shares close 2.9 per cent lower after the Nikkei business daily reported the heavy equipment manufacturer planned to sell about 200 billion yen (S$2.5 billion) worth of assets over the next two years.

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The broader Topix index slipped 0.5 per cent to end the session at 1,284.53 with all but 11 of 33 subindexes negative.

The JPX-Nikkei Index 400 declined 0.6 per cent to 11,625.38.

REUTERS

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