April 15 (Bloomberg) -- Japanese stocks dropped after U.S. retail sales unexpectedly declined and the stronger yen dimmed the earnings outlook for Japan’s electronics and auto companies.
Canon Inc., the world’s largest seller of digital cameras, declined 2.6 percent. Honda Motor Co., Japan’s second-biggest carmaker, fell 1.5 percent. Tokyo Electron Ltd., the world’s second-largest supplier of semiconductor production equipment, lost 1.9 percent after chipmaker Intel Corp. said profit plunged.
“The situation in the U.S., combined with the stronger yen point to losses in the local market today,” said Hiroichi Nishi, general manager at Nikko Cordial Securities Co., in an interview with Bloomberg Television. “From a technical perspective, investors may be thinking now is a good time to sell.” .bloomberg.com
