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[Penny Roger$]

Japanese stocks suffer from yen, power-supply fear
Monday, May 09, 2011 12:44 AM



LOS ANGELES (MarketWatch) -- Japanese stocks traded solidly lower late Monday afternoon, as concerns about a higher yen and possible power shortages dragged down the market. The Nikkei Stock Average lost 0.8% to 9,785.50, while the Topix was down 0.5% at 852.04. With Japanese Prime Minister Naoto Kan calling for the closure of a nuclear plant over safety concerns and with the dollar trading below the 81-yen level, auto-maker stocks gave ground, as Nissan Motor Co. lost 1%, and Toyota Motor Corp. dropped 0.8%, with both companies set to report earnings later in the week. Other major decliners included Kirin Holdings Co. , down 3.8% after issuing disappointing earnings, and Fast Retailing Co. dropping 4%, after weak sales growth at its Uniqlo clothing chain. Chubu Electric Power Co. , which operates the nuclear plant that the prime minister wants closed, saw its shares tubmle 10.3%, with the company set to meet later Monday to discuss whether to shut the facility.

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