Japan shares trade down, but Sony, Panasonic gain

LOS ANGELES (MarketWatch) -- Japanese shares came under early selling pressure Friday, reacting to overnight U.S. losses and some weak data locally, with the Nikkei Stock Average dropping 1% to 9,600.6, and the broader Topix down 0.9% at 853.6. Before the market open, government figures showed a worse-than-expected jobless rate and industrial production reading. Tech shares were mostly lower, with a Nikkei report that Sharp Corp. would cut some flat-panel production sending its shares down 2.3%, and with a loss at Nintendo Co. resulting in a 2.1% retreat for its stock. Chip maker Renesas Electronics Corp. tumbled 5.5%, but strong earnings boosted Sony Corp. by 4.7%, and raised Panasonic Corp. shares 2.5%. However, Sanyo Electric Co. stock fell 8.7% after big gains in the previous session, after Panasonic said it would offer less for Sanyo stock than previous reports had suggested.

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