Nikkei down 2.8 pct on earnings, recession jitters

Sun Apr 13, 2008 10:14pm EDT
 
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(Updates to midday)

TOKYO, April 14 (Reuters) - Japan's Nikkei stock average fell 2.8 percent on Monday, erasing most of the previous session's gains, with exporters such as Canon Inc (7751.T: Quote, Profile, Research, Stock Buzz) hit by a stronger yen and further evidence the United States may be in recession, while KDDI Corp (9433.T: Quote, Profile, Research, Stock Buzz) tumbled after cutting its profit forecast.

The benchmark Nikkei average .N225 finished the morning down 373.93 points at 12,949.80. It finished Friday up 2.9 percent, ending a three-day losing streak, and gained 0.2 percent for the week.

The broader TOPIX index declined 2.5 percent or 31.68 points to 1,246.94. (Reporting by Aiko Hayashi)

 

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