Japanese stocks lower as real estate firms drag
SYDNEY (MarketWatch) — Japanese stocks started Tuesday’s session on a weak note, with the Nikkei Stock Average down 0.5% at 12,483.38. The Japanese benchmark rose 1.7% on Monday after Cyprus secured a financial aid deal from its international lenders. However, investor optimism over the deal gave way to uncertainty later in the global trading day, with U.S. stocks ending lower after comments from the head of the Eurogroup — later clarified — that the deal could form a blueprint for other aid deals. Weighing on the Japanese index Tuesday were real estate firms, with Tokyu Land Corp. down 3% and Heiwa Real Estate Co. down 2.5%. Exporters were also putting in a weak performance, with Mazda Motor Corp. down 3% and Sony Corp. lower by 1.9%.
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