Tokyo’s markets dropped again Friday on continuing worries about the condition of the property market there.
The Nikkei 225 was 0.83 percent lower to 16,122.16, while the Topix index dropped 0.73 percent to 1,557.02 and the Mothers market dipped 0.93 percent to 704.82.
The real estate sector was down 1.5 percent as a whole after the head of a major Japanese house builder said that the nation’s real estate price bubble could burst soon.
Sumitomo Realty & Development (TYO: 8830) fell 1.8 percent to ¥3,310.
In a related sector, house builder Daiwa House (TYO: 1925) was 1 percent lower to ¥1,435.
Banks were lower as well, dropping 2.2 percent as a sector.
Mitsubishi UFJ (TYO: 8306; NYSE: MTU) was down 1.9 percent to ¥1.06 million, while Sumitomo Mitsui Financial Group (TYO: 8316) fell 3 percent to ¥846,000 and Mizuho Financial (TYO: 8411; NYSE: MFG) dropped 3.4 percent to ¥678,000.
Exporters fell on the news that US house foreclosures were at an all-time high in the US in the second quarter.
Carmaker Toyota Motor (TYO: 7203.T; NYSE: TM; LSE: TYT) was 0.5 percent lower to ¥6,600, while Nintendo (TYO: 7974; NAS: NTDOY; FWB: NTO) was down 1.5 percent to ¥52,900 on the Osaka exchange and camera maker Canon (TYO: 7751; NYSE: CAJ) dropped 2.3 percent to ¥6,280.
But some commodities-related shares were higher on higher prices for oil and gold.
Inpex (TYO: 1609) was up 1.9 percent to ¥1.07 million while Japan Petroleum Exploration (TYO: 1662) added 6.5 percent to ¥7,880.
Sumitomo Metal Mining (TYO: 5713) gained 2.2 percent to ¥2,340.