Tokyo leads Asia to lower close


Japanese export-oriented shares took a beating after the yen broke below 129 to a six-week high against the dollar

HONG KONG, China -- Asian markets closed mainly lower Friday, led down by Tokyo after a sudden rise in the yen hurt export-oriented shares.

The benchmark Nikkei 225 average finished 107.33 points or 0.92 percent lower at 11,541.39, while the broader capital-weighted Topix index lost 1.01 percent, or 11.09 points, to 1087.23.

Friday saw more of Japan's key technology and electronics companies reporting earnings, with Canon, Kyocera, Mitsubishi Electric and Hitachi following Thursday's swag of results from Toshiba, Sony, Fujitsu and NEC.

Elsewhere in the region, South Korea, which plunged 4.7 percent Thursday, was down again, losing 0.34 percent to 869.65.

Singapore, Taiwan and Hong Kong were all lower in the absence of market-moving news.

But Australia bucked the trend, helped by better-than-expected earnings from ANZ bank. Its main index closed 0.16 percent higher.

On Wall Street Thursday, the tech-heavy Nasdaq composite index edged up 0.02 percent to 1713.70, while the Dow Jones industrial average added 0.05 percent to 10,035.06.

Exporters down

Exporters in Japan were hit hard after the yen rose to a six-week high against the dollar, breaking through the 129 level to 128.7. A stronger yen could dent overseas sales of exporters.

Toyota Motor, Japan's leading automaker, lost 1.39 percent to 3540 yen, while rival Honda Motor was down 1.93 percent to 5580 yen. Honda said it lifted operating profit 58 percent to about $1.4 billion for the year ended March 31.

Consumer electronics giant Sony Corp rose 0.7 percent to 7200 yen, off an earlier high of 7300 yen. That came after Sony said Thursday it expects its group operating profit to more than double this business year to about $2.16 billion.

In the banking sector, UFJ Holdings lost 2.195 percent to 313,000 yen, while Sumitomo Mitsui Banking Corp shed 1.75 percent to 560 yen. Mizuho Holdings was up 0.39 percent to 260,000 yen

Dominant mobile phone operator NTT DoCoMo fell 1.8 percent to 328,000 yen while Japan Telecom, controlled by Vodafone, plunged 7.55 percent to 392,000 yen.

In South Korea, the main Kospi dropped 2.93 points or 0.34 percent to 869.65 after going as low as 864.

Market leader Samsung Electronics fell 3.15 percent to 400,000 won and SK Telecom eased 1.5 percent to 257,000 won. Fixed line operator KT was up 0.73 percent to 55,200 won.

Following the plunge in Thursday's session, bargain hunters targeted mid-priced shares such as Korean Air Lines, which soared 11.75 percent to 19,500 won.

ANZ up

Australian stocks moved higher on blue chip strength and better than expected first half profits from ANZ bank.

The benchmark S&P/ASX 200 index was up 0.16 percent to 3379.1 as investors returned after the ANZAC day holiday on Thursday.

ANZ rallied 50 cents or 2.64 percent to a record high of A$19.47 after it said its first half net profit climbed 17.3 percent to A$1.05 billion ($567 million), slightly above expectations.

Media giant News Corp rose 1.2 percent to A$12.66.

But resources leader BHP Billiton tumbled 3.5 percent to A$10.73 after it said its copper production dropped eight percent in the third quarter.

In Taiwan, stocks drifted lower, with the main Taiex giving up 0.77 percent to 6306.93.

Chip foundry TSMC was steady at T$92 while rival UMC gave up 0.91 percent to T$54.50. Hon Hai Precision was unchanged at T$153, but Asustek Computer fell again, down 1 percent to T$137.50.

Singapore flat

Singapore shares were flat, with the Straits Times Index down 5.61 points or 0.33 percent late in the day to 1721.67.

Blue chip Singapore Telecom rose 0.66 percent to S$1.53, while United Overseas Bank fell 0.69 percent to S$14.40. DBS eased 0.72 percent to S$13.80.

Keppel Corp put on half a percent to S$4.08.

In Hong Kong, investors were cautious, with the Hang Seng index off 0.21 percent at 11,385.08.

Banking giant HSBC Holdings was up 0.27 percent at HK$92.25, while mobile phone twins China Mobile and China Unicom were both slightly easier.

Sun Hung Kai Properties was up 1.1 percent to HK$67.25. Airline Cathay Pacific dropped 1.15 percent at HK$12.95 after hitting HK$13.30 on Monday.