August 7, 2019 / 1:55 AM / 11 days ago

Japanese shares slip as stronger yen dents exporters

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 was down 0.53% at 20,476.55 as of 0141 GMT.

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

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

Earnings reports also continued to buffet trading.

Kirin Holdings Co 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.

Sumco Corp, a manufacturer of silicon wafers used in semiconductors, sank 9.2% after its operating profit fell 18.4% in Jan-June.

On the winners ledger, Fancl Corp edged up 0.9% after Kirin Holdings said on Tuesday that it would take a 30.3% stake in the cosmetics company.

JVC Kenwood Corp soared 19% as the maker of car audio and visual systems reported a 77.9% operating profit increase in the April-June quarter.

Control equipment manufacturer Yokogawa Electric Corp added 5.2% on reporting an operating profit increase of 37.5% in April-June.

The broader Topix shed 0.3% to 1,494.74.

$1 = 106.2400 yen Editing by Shri Navaratnam

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