“Japanese stocks fell, sending the Nikkei 225 Stock Average to a third straight weekly decline, as reports showed the U.S. economy grew at a slower than estimated rate, reducing the earnings outlook for Japanese exporters.
Canon Inc. (7751), the world’s largest camera maker that gets more than 80 percent of its revenue outside Japan, slid 0.4 percent. Toyota Motor Corp. (7203), the world’s largest carmaker, lost 0.6 percent after the company said its production in Japan declined the most in 35 years in April after the nation’s record earthquake disrupted output. Sony Corp. (6758), Japan’s largest exporter of consumer electronics, retreated 3.2 percent after forecasting profit that missed analysts’ estimates.
The Nikkei 225 fell 0.4 percent to 9,521.94 at the 3 p.m. close in Tokyo. The broader Topix index dropped 0.3 percent to 824.90 with seven stocks retreating for every four that rose. For the week, the Nikkei has lost 0.9 percent, completing its longest streak of weekly losses since October, while the Topix is down 0.4 percent.”Comments »