The Tokyo equities markets dropped significantly Tuesday on declines in a number of sectors. The Nikkei 225 dropped 1.6 percent to 15,599.20, while the Topix index declined by 2.3 percent to 1,579.26, as both closed at their lowest levels in three months.
Banks dropped 4.3 percent as a sector. Mitsubishi UFJ was down 6.1 percent to ¥1,530,000 after it said that earnings in the 2006/2007 fiscal year would be down substantially from record profits in 2005/2006. Mizuho declined by 4.8 percent to ¥895,000 on comments from UBS that its operating profits target for the 2006/2007 fiscal year could be overly ambitious.
The securities sector was down by 2.7 percent on the day, with Nomura dropping 2.9 percent to ¥2,200 and Nikko Cordial losing 2.6 percent to ¥1,599.