By RTT News, October 07, 2013, 10:19:00 PM EDT
(RTTNews.com) - The Japanese stock market is trading lower on Tuesday, with weak current account data, a stronger yen and worries about the government shutdown in the U.S. prompting investors to indulge in some selling.
The benchmark Nikkei 225 index, which declined to 13,748.9, is currently trading at 13,816.9, down 36.4 points or 0.3 percent from its previous close.
Fuji Heavy Industries is trading higher by 1.5 percent on the back of reports that the company, along with Toyota Motor Corp. ( TM ) will jointly develop a hybrid sport utility vehicle. Shares of Toyota Motor, however, are trading weak following the dollar declining to the mid-96 yen range.
Shares of Rakuten Inc. are down more than 12 percent following an announcement from Yahoo Japan that it would eliminate vendor fees for its shopping and auction sites. Yahoo Japan shares are down nearly 10 percent.
Sony Corp. ( SNE ), Komatsu, Shinsei Bank, Nippon Sheet Glass, Inpex Corp., Japan Tobacco and Sumitomo Metal Mining are trading lower by 2 to 3.3 percent.
JFE Holdings, Sumco Corp., Hino Motors, Mitsubishi Motors, Softbank Corp., Sharp Corp., Konami Corp., Canon Inc. ( CAJ ), JX Holdings, Mitsubishi Materials and Sumitomo Mitsui Trust Holdings are down 1 to 2 percent.
Among the gainers in the index, Oki Electric Industry is up nearly 7 percent, Amada Co. is up 6.5 percent and Tokyo Electric Power is advancing 5.2 percent.
Casio Computer, Nippon Yusen KK, Chubu Electric Power, Kansai Electric Power, Taiheiyo Cement, Sumitomo Osaka Cement, Kawasaki Kisen Kaisha, Mitsubishi Heavy Industries, JGC Corp., Daikin Industries and Nippon Soda are trading higher by 1 to 3 percent.
In economic news, Japan saw a current account surplus of 161.5 billion yen in August, the Ministry of Finance said on Tuesday. That was well shy of expectations for a surplus of 520.0 billion yen following the 577.3 billion yen surplus in July.
The surplus plummeted 63.7 percent on year, also missing forecasts for an increase of 18.1 percent after dipping 12.9 percent in the previous month.
The trade balance reflected a deficit of 885.9 billion yen versus forecasts for a shortfall of 880.0 billion yen following the 943.3 billion yen deficit a month earlier.
In the currency market, the U.S. dollar traded in the upper 96 yen range in early deals in Tokyo. The yen is currently trading at 96.80 to the U.S. dollar.
Among other markets in the Asia-Pacific region, Australia, Shanghai, Malaysia, New Zealand, South Korea, Singapore and Taiwan are all trading weak, while Hong Kong is trading marginally higher.
On Wall Street, stocks ended notably lower on Monday, with investors pressing sales following the lawmakers failing to make any progress on resolving the impasse over a government spending bill.
The Dow tumbled 136.3 points or 0.9 percent to 14,936.2, the Nasdaq plunged 37.4 points or 1 percent to 3,770.4 and the S&P 500 slid 14.4 points or 0.9 percent to 1,676.1.
Major European markets ended mixed on Monday. While the French CAC 40 index closed just above the unchanged line, the U.K.'s FTSE 100 index and the German DAX index dipped by 0.3 percent and 0.4 percent, respectively.
U.S. crude oil ended lower on Monday, as supply disruption concerns eased with most producers in the U.S. Gulf coast keying up to production, even as the tropical storm passed with little or no damage to rigs in the region. Crude for November delivery ended down $0.81 or 0.8 percent at $103.03 a barrel on the New York Mercantile Exchange.
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