Tokyo stocks fall as Greece votes against austerity

The 225-issue Nikkei Stock Average ended down 43.23 points, or 0.25 percent, from Friday at 17,468.52. The broader Topix index of all First Section issues on the Tokyo Stock Exchange finished 1.14 points, or 0.08 percent, lower at 1,402.08. Greece's leftist Syriza party looked to have won 149 of 300 seats in Sunday's parliamentary election, having garnered support from those dissatisfied with the strict austerity measures adopted by Prime Minister Antonis Samaras' New Democracy party as part of the terms of the country's debt-crisis bailout. Once in power, the party is expected to review the current austerity measures, raising concerns of conflict between the southern European country and its international lenders. "In the medium term, there's still quite some uncertainty over the negotiations," said Toshihiko Matsuno, chief strategist at SMBC Friend Securities Co. Europe-linked shares fell on the Greek elections after gaining on Friday on the European Central Bank's decision to begin aggressive monetary easing. Mazda Motor shed 104 yen, or 4.1 percent, to 2,456 yen and Olympus was down 75 yen, or 1.8 percent, at 4,075 yen. Shares' losses were pared through the session after the election ended more or less as expected, analysts said, with market sentiment supported by expectations of robust earnings reports from Japanese companies in the coming weeks. "Seeing as shares bounced back fairly quickly, I'd say there's optimism they'll be taken higher by strong earnings," said Toshikazu Horiuchi, an equity strategist at IwaiCosmo Securities Co. Japan's trade deficit shrank more than expected in December, government data showed Monday, suggesting business is picking up for major exporters like auto manufacturers and electronics makers amid a weaker yen. Despite the market weakness, advancing issues outnumbered declining ones on the First Section 964 to 748, while 151 ended unchanged. Mining shares were among the day's biggest losers after declines in crude oil prices, with Japan Drilling dropping 110 yen, or 2.5 percent, to 4,210 yen. Energy shares were also down, with Cosmo Oil falling 2 yen, or 1.3 percent, to 158 yen. Meanwhile, rubber product manufacturers led advancing issues, with Bridgestone adding 131.50 yen, or 2.9 percent, to 4,666.50 yen after Morgan Stanley MUFG Securities upgraded it to overweight. Toyoda Gosei rose 114 yen, or 4.6 percent, to 2,593 yen after Reuters news service reported it would provide Honda Motor Co. with air-bag parts for the newest North American version of the Accord sedan, replacing embattled Takata Corp. Trading volume on the main section fell to 1,840.60 million shares compared with Friday's 2,084.34 million shares. Source: Kyodo