(Adds shares, comments)
By Aiko Hayashi
TOKYO, March 26 (Reuters) - Japan's Nikkei average fell 0.9
percent on Wednesday as exporters such as Canon Inc <7751.T>
slipped on a stronger yen while many shares sagged after the date
passed giving investors the right to the latest dividends.
One bright spot was commodities-related shares such as gold
and copper producer Sumitomo Metal Mining Co Ltd <5713.T> and
trading company Mitsubishi Corp <8058.T>. They jumped following a
recovery in oil and metal prices. <CLc1> <XAU=> <HGK8> <MZN3>
Kenichi Hirano, operating officer at Tachibana Securities,
said weak U.S. economic data and a stronger yen versus the dollar
have cast a cloud over the market, though it was also pausing
after big gains.
"Investors are worried there could be another dollar
sell-off," he said.
Data on Tuesday showed U.S. consumer confidence in March
plunged to a five-year low, raising the spectre consumers cutting
back in the United States, one of the major destinations for
Asian exports. [].
It also hurt the dollar, in turn fuelling a rebound in gold
and commodity prices after last week's sell-off.
In Japan, Tuesday was also the last day on which investors
buying many Japanese stocks could still receive dividends for the
year ending on March 31.
Fujio Ando, senior managing director at Chibagin Asset
Management, said market sentiment was not particularly weak,
considering the dividend impact took 103-105 points off the
Nikkei.
The benchmark Nikkei <> fell 112.42 points to 12,632.80
by midday. On Tuesday it rose 2.1 percent to post its highest
finish since March 12.
The broader TOPIX index <> finished morning trade down 1
percent or 11.82 points at 1,231.16.
The dollar slipped to 99.75 yen <JPY=> from near 100.00 yen,
but still off last week's low of 95.77 yen.
EXPORTERS DOWN
Many auto and tech exporters have assumed a currency rate of
105 yen to the dollar in making profit forecasts.
Investors have fretted over the strength of the yen against
the dollar as it makes Japanese goods less competitive in
overseas markets and cuts into profits made abroad when brought
back to Japan.
Canon dropped 3.6 percent to 4,610 yen and Sony Corp <6758.T>
shed 2.6 percent to 4,150 yen.
Among automakers, Toyota Motor Co <7203.T> declined 2.3
percent to 5,220 yen and Honda Motor Co Ltd <7267.T> fell 1.3
percent to 3,040 yen.
Shares of Hino Motors Ltd <7205.T> gave up 6.7 percent to 669
yen after the truck-making unit of Toyota raised its operating
profit forecast for the year ending this month to a level that
still fell short of analysts' expectations.
Shares of Sumitomo Metal Mining shot up 4.2 percent to 1,890
yen and zinc smelter Toho Zinc <5707.T> surged 8.2 percent to 570
yen.
Among trading houses, which have stakes in overseas metal
mines, Mitsubishi gained 3 percent to 2,900 yen and Mitsui & Co
Ltd <8031.T> advanced 3.5 percent to 2,070 yen.
Trade was light on the Tokyo exchange's first section, with
732 million shares changing hands in morning trade, compared with
last week's morning average of 973 million.
Declining stocks outnumbered advancing ones by a ratio of 2
to 1.
(Reporting by Aiko Hayashi, Editing by Michael Watson)
