Japan auto stocks skid as yen revs higher

Newswire

TOKYO, Sept 22 (Reuters) - Shares of Japanese auto makers, dependent on the U.S. market for most of their profits, tumbled on Monday as the yen swung sharply higher against the dollar. Honda Motor Co , Japan's second-largest auto maker, plunged eight percent to trade at 4,730 yen in the early afternoon. Toyota Motor Corp , and Nissan Motor skidded more than five percent to 3,490 yen and 1,254 yen. A stronger Japanese currency eats into the yen value of earnings gained abroad when that ...

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