Japanese stocks: Nikkei down on fuel fears

TOKYO - The Nikkei share average closed down 0.48 per cent yesterday as oil prices shot up to a fresh record, fanning concern about the negative impact on spending in Japan and demand for Japanese products abroad.

Retailer Ito-Yokado, whose annual earnings are due later this week, fell and Sony Corp was also out of favour, but hefty advances by stocks such as Nippon Oil limited overall losses.

The Nikkei average ended 56.09 points lower at 11,667.54.

"I don't think the damage here to consumer spending attitudes would be as severe as in the US, but higher gasoline costs are a worry as the spring holiday season approaches," said Koichi Seki, equity manager at Chuo Securities, referring to Japan's string of public holidays starting in late April.

Ito-Yokado, Japan's second-biggest retailing group, dropped 2.3 per cent to 4190.

Sony was down 0.7 per cent at 4240 yen and Sharp Corp, the world's biggest liquid crystal display TV maker, was down 0.8 per cent at 1610.

- REUTERS