Tokyo stocks close lower, Takata dives on bankruptcy fears

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TOKYO: Tokyo stocks snapped a three-day winning streak on Wednesday as energy firms were hit by a slump in oil prices, while airbag maker Takata dived again on bankruptcy fears. Japanese petro-linked stocks lost ground amid concerns that production from US shale fields is overwhelming OPEC efforts to ease a global supply glut. “Japanese stocks have risen for three days, and with the overseas environment a little weak, it’s easier for profit taking to take the lead,” said Mitsuo Shimizu, deputy general manager at Japan Asia Securities. “It’s difficult to judge whether the oil drop is due to a slowdown in growth or if it’s merely a matter of oversupply,” he told Bloomberg News.

Originally Published By APP