Japan Stock Futures Drop on Sony Loss, Europe Recovery Concern
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Japanese stock futures fell after Sony Corp. posted an unexpected loss and European Central Bank President Mario Draghi said the euro’s strength could hamper an economic recovery, damping the profit outlook for exporters.
American Depositary Receipts of Sony lost 7.4 percent as Japan’s largest consumer-electronics maker posted an eighth straight quarterly loss and cut sales targets for TVs, gaming devices and compact cameras. ADRs of Fujitsu Ltd., a Japanese maker of computers, network equipment and mobile phones, gained 5.1 percent after saying it will eliminate 5,000 jobs and merge its LSI chip business with that of Panasonic Corp. to boost global competitiveness.