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Nikkei eases as automakers drag, Mitsubishi Materials dives
November 24, 2017 / 2:52 AM / 18 days ago

Nikkei eases as automakers drag, Mitsubishi Materials dives

TOKYO, Nov 24 (Reuters) - Japan’s Nikkei share average fell on Friday morning after exporters such as automakers were sold, while Mitsubishi Materials dived after it said its subsidiaries falsified data.

The Nikkei declined 0.4 percent to 22,428.83 in midmorning trade, after markets were closed for a national holiday on Thursday. The index is up 0.2 percent so far this week.

Automakers were hit by selling, with Toyota Motor Corp and Honda Motor Co dropping 1.3 percent after the dollar dropped to a two-month low of 111.07 yen on Thursday, before edging up 0.1 percent in Asian trade on Friday.

Other exporters also weakened, with Panasonic Corp shedding 0.9 percent and TDK Corp declining 2.7 percent.

Mitsubishi Materials Corp dived as much as 11 percent after the company said its subsidiaries had falsified product data, the latest in a series of quality assurance scandals involving Japanese manufacturers.

That sent the nonferrous metal sector the poorest performer on the board, down 2.0 percent.

The broader Topix dropped 0.3 percent to 1,772.69. (reporting by Ayai Tomisawa; Editing by Jacqueline Wong)

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