TOKYO —

Tokyo stocks closed sharply lower Friday as investors were unnerved by the overnight plunge on Wall Street and top automaker Toyota Motor Corp’s sharp downward revision of its earnings forecast for fiscal 2008. The 225-issue Nikkei Stock Average lost 316.14 points, or 3.55%, from Thursday to 8,583.00. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was down 30.30 points, or 3.33%, to 879.00.
   
Stocks declined almost across the board, led by transport equipment, mining, and iron and steel issues. The only gainer was the warehouse and wharf sector. Yutaka Miura, a senior technical analyst in the equity information department at Shinko Securities Co, said, ‘‘Today’s fall had something to do with the Toyota factor, but a big chunk of losses were also due to the overnight tumble in U.S. stocks and a stronger yen (relative to the U.S. dollar).’‘
 

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2 Comments

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  TokyoVP at 05:48 PM JST - 7th November

  Note to Toyota Executives:

  Increase worker pay in order to raise domestic auto sales

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  unscrejects at 10:29 PM JST - 7th November

  Note to Toyota execs: TOLD YOU SO - double counting your CKD's is going to kill you. Hey folks, been saying this for two years now, Toyota's numbers are inflated intentionally through JAMA's assistance since 2006 as a way of beating the US. Folks called me crazy then.... I said when time to declare profits Toyota would be including figures that don't exist so when the market took a down turn their losses would be greater on paper than in reality. See now. Toyota's loss is much smaller than the reported figures. However due to the CKD double counting they're going to have to take a stock value hit... ALl Japanese auto makers are in the scam of double booking CKD output so their books are looking much worse than they really are. The real shock is yet to come : raising funds through those dodgy figures. Wall Street's not going to be too happy about it. This may very well be the beginning of the end of a huge Japanese scam that has literally killed the US auto makers.

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