Nikkei 225 Trades Flat As Toshiba Slips Again

The Nikkei 225 Wednesday traded flat, nominally off 0.01% in light trading as troubled conglomerate Toshiba (TOSBF, 6502:Tokyo), posted its second-straight double-digit down day, declining 20.4% after reporting it will post large losses on North American nuclear power-plant business. Toshiba has lost $5 billion of market capitalization in two days. In other news, officials reported Japan’s factory output rose 1.5% in November and manufacturers expect to ramp up production by more than 2% in both December and January, reflecting a global recovery and a lower exchange rate for the Japanese yen. The U.S. dollar traded near 118 to the yen, up from 100 after midyear.

The benchmark Nikkei 225 lost 1.34 to 19,401.72, although gaining issues outnumbered losers 152 to 65.

Leading the upside on a mixed day of trading were synthetic fibers-maker Toyobo (TYOBY, 3101:Tokyo), up 4.1%; followed by toy- and game-maker Konami (KNMCY, 9766:Tokyo), up 3.8%; and then material-and-textiles maker Unitika (3103:Tokyo), up 3.9%.

By Marvin Goff