Nikkei skids 1.2 pct, Apple suppliers tumble on demand worries

jueves 12 de mayo de 2016 22:29 GYT
 

* Nikkei has risen 2.2 pct for the week

* Murata, JDI, Minebea tank on Apple's concern

* Nissan soars after agreeing to buy 34 stake in Mitsubishi Motors

By Ayai Tomisawa

TOKYO, May 13 (Reuters) - Japanese stocks slumped in choppy trade on Friday morning, the first drop in five days as Apple's suppliers underperformed on persistent worries about slowing demand for iPhones.

The Nikkei share average shed 1.2 percent to 16,451.81 in midmorning trade after rising as high as 16,804.17 in opening deals. It is poised to snap a four-day winning streak partly weighed by profit-taking, although the benchmark index has risen 2.2 percent for the week.

The Japanese market has been on a steady recovery path following an 8.6 percent tumble in the six-day period through last Friday after the Bank Of Japan decided to hold off on expanding monetary stimulus. A sharp rise in the yen that accompanied the BOJ's decision also stoked concerns about Japan Inc's earnings.

Analysts said that pessimism over a stronger yen may persist for a while, but more investors are gradually chasing the market higher.

The yen has pulled back in the past few days after explicit intervention warnings from Tokyo.   Continuación...