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Japan
Stocks Drop on Strengthening Yen; Canon, Nintendo Decline

By Patrick Rial

An electronic stocks
board in Tokyo.

July 18 (Bloomberg) -- Japanese stocks fell, led by exporters
including Canon Inc. and Nintendo Co. on concern yen gains versus
the dollar will erode the value of their U.S. sales.

Millea Holdings Inc. led insurers lower for a second day on
speculation a July 16 earthquake will result in increased claims.
Tokyo Electric Power Co. declined on speculation one of the
company's nuclear plants will be shut for up to three months due to
quake damage.

``People are unsure about the quake damage so they are being
cautious by selling insurers and power companies,'' said Hiroyoshi
Nakagawa, who helps look after about $1 billion in Asian equities at
Societe Generale Asset Management Co. in Tokyo.

Automakers such as Nissan Motor Co. also fell after the Nikkei
newspaper reported that an earthquake-related shutdown at Riken
Corp., which has a 70 percent share of the sealant market for
transmissions as well as a 40 percent share for engine piston rings,
will have an impact on production.

The Nikkei 225 Stock Average fell 197.34 or 1.1 percent, to
18,019.93 as of 9:59 a.m. in Tokyo. The broader Topix index dropped
22.45, or 1.3 percent, to 1755.66.

Nikkei futures expiring in September declined 1 percent to 18,030
in Osaka and slid 1.1 percent to 18,025 in Singapore.

In other Asian markets open for trading, Australia's S&P/ASX
200 Index lost 0.6 percent and South Korea's Kospi index fell 0.5
percent.

To contact the reporter for this story: Patrick Rial in Tokyo at
[email-masked] .

Last Updated: July 17, 2007 21:22 EDT

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