Nikkei Tanks While Yen Regains Strength to 117.6, Ever Major ADR Down Except Pioneer

Earlier today in Tokyo the 3rd largest sell-off of the year sent the Nikkei 225 Stock Average down 1.99% and the TOPIX down 1.47%. There were a number of factors involved such as profit taking after another recent run-up, the Fed signaling that interest rate increases may be nearing the end, and the resulting buying of yen causing it to strengthen against the dollar (a good thing for U.S. investors who have not enjoyed all the gains so far but that means less currency conversion profits for Japan's exporters). The tankan or quarterly business confidence survey was published earlier today showing the highest marks of confidence all year and further proof the economy's recovery is sustained.

Nikkei 225: -314.28 (-1.99%) closed at 15,464.58, opened 39 points higher than prior close of 15,778.86, in morning trading an intra-day high of 15,885.52 was reached, however it later fell to an intra-day low of 15,447.15 in afternoon trading

TOPIX: -23.94 (-1.47%) closed at 1,602.21, opened nearly 5 points higher than prior close of 1,626.15, traded as high as 1,634.64, intra-day low was 1,598.03

JASDAQ: +0.42 (+0.36%) closed at 117.50, traded between 117.05 and 117.90

Yen: last posted rate at Y117.62/US$1

Today’s ADRs to watch based on earlier trading of underlying shares in Tokyo:

* Advancers: the lone advancer albeit a very minor move, was Pioneer (PIO) +0.12%

* Decliners: the five biggest decliners include Millea Holdings (MLEA) -3.33%, NTT DoCoMo (DCM) -3.26%, TDK (TDK) -3.06%, Kyocera (KYO) -2.80%, and Kubota (KUB) -2.74%