Today's Coming Crisis Movie

Monday, March 5, 2012

Tokyo stocks fall after China lowers growth target

TOKYO (Kyodo) -- Tokyo stocks fell Monday as market sentiment was dampened after China's announcement during the session that it has lowered its economic growth target for 2012.

The 225-issue Nikkei Stock Average ended down 78.44 points, or 0.80 percent, from Friday at 9,698.59. The broader Topix index of all First Section issues on the Tokyo Stock Exchange finished down 4.96 points, or 0.59 percent, at 832.86.

Decliners were led by the iron and steel, sea transport and mining sectors. Gainers included the pulp and paper, retail, and information and communications sectors.

Stocks opened lower and extended their losses in line with falls in other Asian markets after China, Japan's biggest trading partner, announced it has set its gross domestic product growth target for 2012 at 7.5 percent, down from around 8 percent last year, brokers said.

Tokyo stocks faced selling ''in line with falls in Asian shares after China's announcement,'' said Hiroichi Nishi, equity division manager at SMBC Nikko Securities Inc. Read More