[November 19, 2009] Japan stocks post seventh straight loss Tweet (Associated Press Via Acquire Media NewsEdge) TOKYO_Japanese stocks extended their losing streak Thursday, succumbing to jitters about a possible glut of new bank shares. The benchmark Nikkei 225 stock average lost 127.33 points, or 1.3 percent, to 9,549.47 _ its seventh straight day of decline. The broader Topix finished down 1.5 percent at 837.71. Sentiment waned after Tokyo Mitsubishi UFJ Financial Group Inc., Japan's biggest bank, on Wednesday announced plans to raise up to 1 trillion yen ($11.2 billion) through a public offering intended to shore up its capital base. The issue shed 3.7 percent to 466 yen. The announcement "could create further uncertainties in the supply-demand balance, and in the short term we expect a nervous reaction from the market," said Credit Suisse analyst Shinichi Ina in a note to clients. Concerns that rival banks could follow with their own equity fundraising plans dragged down other major financial names. Sumitomo Mitsui Financial Group Inc. retreated 4.6 percent to 2,720 yen, and Mizuho Financial Group Inc. plunged 6.6 percent to 155 yen. Exporters like automakers and electronics firms also lost ground as the yen gained against the dollar. Honda Motor Co. fell 3.5 percent to 2,740 yen, and Canon Inc. closed 3.2 percent lower at 3,350 yen. Among a handful of winners, Mitsubishi Rayon Co. soared nearly 30 percent to 351 yen. Mitsubishi Chemical Holdings Corp., Japan's biggest chemical company, said in the early afternoon that it would pay 380 yen per share to buy the acrylic fiber maker. In currencies, the dollar fell to 88.96 yen from 89.34 yen late Wednesday. The euro was trading at $1.4857 from $1.4961. (c) 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. [ Back To TMCnet.com's Homepage ]