Japanese shares slip as stronger yen dents exporters

  • Reuters
  • Stock Market News
Japanese shares slip as stronger yen dents exporters
Credit: © Reuters.

By Shinichi Saoshiro

TOKYO, Aug 7 (Reuters) - Japanese stocks slipped on Wednesday as a strong yen took a toll on exporters, although an overnight bounce by Wall Street following the recent tumble helped limit the overall losses.

The Nikkei stock average .N225 was down 0.53% at 20,476.55 as of 0141 GMT.

Companies reliant on exports slipped as the yen JPY= remained strong against the dollar, staying close to a seven-month high scaled the previous day.

Honda Motor Co 7267.T lost 1%, Mitsubishi Electric Corp 6503.T shed 1.7% and Canon Inc 7751.T slipped 0.5%.

Earnings reports also continued to buffet trading.

Kirin Holdings Co 2503.T tumbled 5.2% after Japan's second biggest brewer posted a net loss of 7.31 billion yen ($68.8 million) in the Jan-June period. Corp 3436.T , a manufacturer of silicon wafers used in semiconductors, sank 9.2% after its operating profit fell 18.4% in Jan-June. the winners ledger, Fancl Corp 4921.T edged up 0.9% after Kirin Holdings said on Tuesday that it would take a 30.3% stake in the cosmetics company. Kenwood Corp 6632.T soared 19% as the maker of car audio and visual systems reported a 77.9% operating profit increase in the April-June quarter. equipment manufacturer Yokogawa Electric Corp 6841.T added 5.2% on reporting an operating profit increase of 37.5% in April-June. broader Topix .TOPX shed 0.3% to 1,494.74.

($1 = 106.2400 yen) (Editing by Shri Navaratnam)

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