Panasonic, Sony Fall as Yen Rises to 1-Month High: Tokyo Mover
Panasonic Corp. (6752) fell the most in almost seven months in Tokyo trading, leading declines among Japanese electronics makers as the yen rose to a one-month high against the euro.
Japan’s biggest appliance maker dropped as much as 6.1 percent to 573 yen and traded at 585 yen as of the 11:30 a.m. break on the Tokyo Stock Exchange. Sony Corp. (6758), the nation’s largest exporter of consumer electronics, fell 2.7 percent. A stronger yen cuts the repatriated value of exporters’ overseas earnings.
The euro fell to 97.10 yen, the weakest since June 5, before trading at 97.27 at 12:04 p.m. in Tokyo. Panasonic got 9.5 percent of its sales from Europe last fiscal year, according to data compiled by Bloomberg. Sony relied on the region for 20 percent of its sales.
“There’s a shift to domestic demand-related companies from exporters,” said Mitsushige Akino, who oversees about $600 million at Ichiyoshi Investment Management Co. in Tokyo. “Panasonic and Sony are being sold.”
Panasonic and Sony also declined after Hisense Electric Co. (600060), a Chinese electronics maker, said yesterday it will sell a 50-inch liquid-crystal display television for less than 100,000 yen ($1,260) in Japan this month. The plan may fuel a price war, Akino said.
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