Market Report – Japan Exports Fall

In today’s market report… economic recovery in Japan is likely to take time because data showed a slump in Japanese exports for the second straight month.

Exports fell 36 percent in August compared to a year earlier. There was a steep drop in shipments of steel and other electronic parts to China.

But aiming to kickstart demand, video game maker Nintendo said it will cut the price of its popular Wii video game console by 20 percent. Rivals Sony and Microsoft have made similar moves during the recession.

Sony shares surged after the company said sales of its PlayStation 3 jumped after a price cut last month.

But shares in Japan Airlines tumbled to a record low after reports that lenders may break up the company and that the carrier may ask for a government bailout.

That did not stop investors who played catch up after a three-day public holiday. The Nikkei was up though the rest of Asia retreated, mirroring investor caution in the U.S.

And Hong Kong’s Hang Seng index was the worst performer, after Metallurgical Corp of China marked its worst trading debut this year.

(NTDTV)