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Politics : Formerly About Applied Materials

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To: StanX Long who wrote (58612)	1/9/2002 11:20:47 PM
From: StanX Long	Read Replies (1) of 70976

01/09 21:57 Asian Stocks: Japan's Ito-Yokado, Canon Declines; Korea Drops By Michael Tsang and Yukiko Takai quote.bloomberg.com Tokyo, Jan. 10 (Bloomberg) -- Japanese stocks fell, paced by Ito-Yokado Co. and other retailers, on concern they'll follow Fast Retailing Co.'s lead and cut their profit forecasts as the recession forces consumers to cut back on spending. The Nikkei 225 stock average dropped 1.1 percent to 10,547.29. The Topix index lost 1.2 percent to 1013.06. Companies commonly held by foreign investors such as Canon Inc. fell on concern the yen's drop to a two-year low against the U.S. dollar this week may prompt overseas fund managers to reduce yen- denominated investments. ``The rapid drop in the yen is raising fears overseas investors will instigate a `sell Japan' scenario,'' said Koji Sakuratani, executive officer at Asahi Life Asset Management Co., which manages 1.5 trillion yen ($12 billion) in Japanese equities. He is underweight in equities and recently sold foreign- currency denominated assets to lock in gains.

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