Asian markets down
Japanese shares were pulled down by possible Takata bankruptcy plan
Japanese equities led Asian markets down, depressed by an announcement by airbag manufacturer Takata that it was considering a bankruptcy plan.
Takata’s shares dropped almost 20%. Yahoo Japan was a major drag on the Japanese averages after the company projected profits of 175-185 billion yen this year, well below analysts’ median estimate of 228 billion. Yahoo said investments in e-commerce infrastructure would weigh on earnings.
Around Asia, most markets saw modest losses, with the Philippines registering the sharpest decline (at 0.85%). A nearly 3% decline in Globe Telecom, the country’s largest mobile provider, brought down the overall index. In the absence of news, Globe’s decline looks like profit-taking after a strong run since last December. Globe was selling at just 13x forward earnings in mid-November but traded today at 18x forward earnings.