Aug. 6 (Bloomberg) -- Shimadzu Corp., a Japanese maker of measuring instruments, fell to the lowest in more than three weeks in Tokyo trading after cutting its half-year profit forecast because of flagging demand and the yen’s strength.

The shares slid 2.4 percent to 683 yen as of 9:56 a.m. on the Tokyo Stock Exchange, the lowest since July 15. They earlier fell as much as 6.7 percent, while the benchmark Nikkei Stock Average rose 1 percent to 10,357.33.

Net income will fall 76 percent to 1.9 billion yen ($20 million) in the six month ending Sept. 30, 21 percent less than the previous forecast, Kyoto-based Shimadzu said yesterday after markets closed. The company reiterated its full year profit forecast of 6.9 billion yen, saying it will achieve the target by cutting costs.

Shimadzu has gained 23 percent this year, outperforming the Nikkei’s 17 percent climb.

To contact the reporter on this story: Masatsugu Horie in Osaka at mhorie3@bloomberg.net

Last Updated: August 5, 2009 21:20 EDT