Nearly two-third of 33 subsectors of the Topix's index declined, with Marine Transportation, Textiles & Apparels, Iron & Steel, Machinery, Glass & Ceramics Products, and Electric Appliances issues being notable losers, while Oil & Coal Products, Fishery, Agriculture & Forestry, and Foods issues were notable gainers.
Shares of Apple suppliers are weak following a notable drop by shares of the tech giant on Monday after a brokerage downgrade. Apple suppliers followed in its footsteps, with Murata Manufacturing falling 1.5% and Taiyo Yuden down 2.4% and TDK Corp off 1%. Nidec declined 0.9%. Alps Alpine dropped 1.4%.
Exporters stocks inclined on the back of yen depreciation gains greenback. The yen slipped to 108.85 yen per dollar from around 108.30 on Monday. Honda Motor rose 0.4%.
ECONOMIC NEWS: The Bank of Japan said that the M2 money stock in Japan was up 2.3% on year in June, coming in at 1,029.6 trillion yen. That was shy of expectations for a gain of 2.6%, which would have been unchanged from the May reading following a downward revision from 2.7%. The M3 money stock was up an annual 2% to 1,362.4 trillion yen - again missing forecasts for 2.3%, which also would have been unchanged from the previous month.
CURRENCY NEWS: Japanese yen, often seen as a safe-haven currency, depreciated against greenback on Tuesday, after strong US jobs growth in June virtually wipes out chances for a half point Fed rate cut at the end of July, but modest wage gains and other data showing the world's largest economy was losing steam could still encourage the central bank to cut rates by 25 basis points. The dollar was quoted at 108.73-74 yen compared with 108.68-78 yen in New York and 108.34-35 yen on Monday in Tokyo. The euro, meanwhile, fetched 121.94-98 yen against 121.86-96 yen in New York and 121.68-72 yen in late Monday trade in Tokyo.
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