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Tokyo stocks slip by break, Takata surges on US deal

Tokyo stocks slip by break, Takata surges on US deal

Tokyo stocks lost early gains to end the morning session lower on Friday, but auto parts giant Takata surged more than 20 percent in response to a legal settlement linked to its deadly airbag scandal.

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19.05.2017 03:36 PM

Tokyo stocks lost early gains to end the morning session lower on Friday, but auto parts giant Takata surged more than 20 percent in response to a legal settlement linked to its deadly airbag scandal.

Takata, at the centre of the auto industry's biggest safety recall, soared 20.25 percent to 475 yen ($4.30) after four automakers, including Toyota and BMW, agreed Thursday to pay $553 million to settle a US lawsuit over the defective airbags. 

Takata's faulty airbags have been blamed for at least 16 deaths globally and scores of injuries. 

Toyota ticked up 0.47 percent to 5,958 yen. 

Japanese stocks rallied on bargain-buying at the start, after heavy selling Thursday as the crisis engulfing US president Donald Trump's administration raised doubts about the future of his economy-boosting agenda.

"Markets have clearly decided that the US political situation has the potential to knock stock valuations off their relatively high perch," Ric Spooner, a market strategist at CMC Markets, wrote in a commentary.

Tokyo's benchmark Nikkei 225 index slipped 0.16 percent, or 30.59 points, to 19,523.27 by the break while the Topix index of all first-section issues edged down 0.07 percent, or 1.16 points, to 1,553.85.

Telecoms giant SoftBank rose 0.65 percent to 8,358.0 yen, Japan Tobacco slipped 0.46 percent to 4,105 yen, and Sony tacked on 0.48 percent to 3,961 yen.

Honda was down 0.39 percent at 3,053 yen.

Staffing agency Recruit Holdings dropped 6.56 percent to 5,840 yen on fears that Google's new US job search engine business will hurt its growth in that market.

The dollar weakened to 111.18 yen from 111.51 yen in New York late Thursday.

The yen tends to be bought at times of market turmoil as a safe haven but its strength is considered a negative factor for Japanese stocks as it can dent the overseas sales and earnings of the country's exporters.
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