Nikkei down 1%

The Nikkei is down 1% here today, as stocks such as Toshiba and Advantest and a stronger yen, weigh on the market. Toshiba slid 6% after a report that it planned a capital raising of about 500 Bio Yen. It would be Toshiba’s first new share issue in 28 years and Japan’s biggest since 2001.

Shares of Japanese chip maker Advantest also slipped after news that book-to-bill ratio for Japanese chip making equipment hit a record low in March.

Steel makers such as Nippon Steel have halted any further losses on the Nikkei, as Nomura securities upgraded the its Steel sector view to bullish.

Elsewhere in Sydney, the ASX200 also slipped 1%. There was very little support for the Miners and traders were taking some money off the table in the finacial sector after its recent strong run up. BHP down 2.4%, RIO down 4.5% with its Chairman, Paul Skinner reiterating the board’s endorsement of a tie-up with Aluminium Corp of China, or Chinalco. There is also talk that BHP had re-ignited talks with RIO for a tie up which cant be confirmed.