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Date: Friday 22 Aug 2008

LONDON (ShareCast) - Equities retreated for the fourth day in a row in thin trade in Japan as the weakness of the dollar against the yen hit exporters, while enduring concerns about the health of the US financial sector crossed over to Japanese financial institutions.

Japan’s Nikkei 225 index fell 86 points to close at a five-month low of 12,666.

The weakness of the US dollar, driven by the resurgence of the oil price and some lacklustre US economic data, did no favours to exporters such as Honda, Pioneer and Sharp, though Sony’s price held up well.

The firmer oil price was good news, however, for oil and gas field developer Inpex, but heavy fuel users such as trading houses Mitsubishi and Mitsui fell back as oil rose above $120 a barrel.

Citicorp’s suggestion that Goldman Sachs, Lehman Brothers and Morgan Stanley could write down an aggregate $6.4bn in their third quarter results hit the US investment banks’ Japanese counterparts, with Mitsubish UFJ and Sumitomo Mitsui Financial among the big losers.

Trade in Hong Kong was suspended as Typhoon Nuri headed towards the city.

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