Japan stocks fall, exporters sold on US economy
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TOKYO, Dec 18 (Reuters) - Japanese stocks fell for a fifth day on Tuesday, with exporters such as Canon Inc (7751.T) sold on growing uncertainty about the U.S. economy.
In a volatile session with light turnover, bank shares including Mitsubishi UFJ Financial Group Inc (8306.T) took a roller-coaster ride before ending higher.
"Today, pessimistic views on U.S. economy got an upper hand in the market," said Hitoshi Yamamoto, CEO of Fortis Asset Management Japan.
"But it's difficult to talk about the market at this time of the year. Foreign investors are effectively on vacation, and the overall market is more prone to be moved by index futures trades."
Symbolic of the day's choppy market were bank shares.
No. 1 Mitsubishi UFJ Financial Group Inc fell as much as 2.5 percent immediately after the open but rose 2.9 percent later, pushing indexes to a positive territory briefly in the afternoon trade.
Mitsubishi UFJ, the day's most heavily traded stock, ended up 1.4 percent to 1,042 yen, while No. 2 Mizuho Financial Group (8411.T) rose 0.6 percent to 536,000 yen and third-ranked Sumitomo Mitsui Financial Group (8316.T) was up 0.6 percent at 830,000 yen.
Banks were among the hardest hit in the recent sell-off, with Mitsubishi UFJ losing 16.3 percent in the previous four sessions.
The benchmark Nikkei average .N225 ended the session down 0.3 percent at 15,207.86. The broader TOPIX index fell 0.2 percent to 1,469.77.
Trade was moderate, on par with last week's daily average of 2.1 billion shares changing hands.
Advancers and decliners were almost evenly matched.
EXPORTERS HIT
Exporters were sold on growing uncertainty about the U.S. economic outlook, tracking overnight falls in U.S. industrial companies sensitive to business cycles, including heavy-equipment maker Caterpillar Inc (CAT.N).
Digital camera maker Canon fell 1.8 percent to 5,430 yen and electronic parts firm TDK Corp (6762.T) shed 2 percent to 8,180 yen. Caterpillar rival Komatsu Ltd (6301.T) plunged 4.4 percent to 2,925 yen. Continued...
