Japan Stocks Slip, But Renesas Rallies On Report

By Michael Kitchen

Published October 14, 2012

MarketWatch Pulse

LOS ANGELES ? ?Japanese stocks fell after brief early gains Monday, with the Nikkei Stock Average rising 0.5% to 8,494.47, and the Topix up 0.4%, as exporters traded mixed. After stronger-than-expected trade data from China, and with the dollar marking modest gains against the yen, some export-focused firms saw advances, with Komatsu Ltd. adding 3%, Advantest Corp. improving by 2.7%, Honda Motor Co. adding 0.8%, and Toshiba Corp. ticking 0.4% higher. But an International Financing Review report late last week that the Europe might not have enough funds to rescue Spain if needed before the end of the year appeared to weigh on some financial names. Nomura Holdings Inc. fell 1.9%, while Daiwa Securities Group Inc. lost 1.7%, and Mitsubishi UFJ Financial Group Inc. dropped 0.8%. Among the techs, Sony Corp. lost 1.9%, Panasonic Corp. fell 2.1%, and Sharp Corp. lost 2%. Shares of Softbank Corp. dropped 1.5% on reports it was close to locking in a $20 billion deal for control of Sprint Nextel Corp. , but Renesas Electronics Corp. zoomed 13.6% higher on separate reports that a previously tipped public-private consortium including some of Japan's top corporations was set to bid for the struggling chip maker.

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