Shiseido Posts Biggest Drop in 16 Years After Forecast Cut
- Release of Fukushima wastewater has weighed on demand in China
- Japanese cosmetics makers have seen share declines this year
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Shiseido Co. posted its steepest decline in 16 years after the Japanese cosmetics maker cut its full-year profit forecast on slower demand from Chinese consumers, following the release of treated radioactive wastewater at Fukushima in August.
The stock fell as much as 14% by midday in Tokyo on Monday, to its daily limit, marking the largest intraday drop since October 2008. On Friday, Shiseido reduced its forecast for core operating profit by 42% to ¥35 billion ($231 million) for the year ending Dec. 31.