Nikkei losing 1.4 percent on financial system fears, autos drop

Nikkei losing 1.4 percent, hits buck point in over 3 years
Fears concerning global financial system hurt shareholder confidence
Automakers, exporter slip on financial system worries

Oct 3- Nikkei from Japan fell at an average of 1.4 pct on Friday to strike its buck point in additional than three years on worries that the worldwide economy would worsen even if the U.S. Congress pass a $700 billion bank set free bill.
Automakers Toyota Motors 7203.T sustained their slip after chief car companies’ report a 26% fall in overall US sales for September as the disaster on Wall Street rock consumer’s confidence. "With the United State auto sales losing about 30 %, it has become apparent that economic problems are lastly spreading to the actual financial system," said Takahiko Murai, GM of shares at Nozomi Securities.
"That is foremost to a sell-off in stock sensitive to the physical condition of the financial system."
The standard Nikkei N225 shed 157.78 pts to finish the morning trading session at 10,996.98, striking the buck level since May 2005.
The broader Topix TOPX decreased 2.3 pct to 1,051.88. It previously fell to the buck level since February 2004.
The Dow on Thursday DJI, shed additional than 3 pct as data viewing the quantity of people filing for joblessness payback hit a seven-year elevated painted a disturbing picture, as did a statement showing a sheer drop in industrial unit orders in August.
The United States Senate approved the government's economic rescue preparation after the House of legislature discarded it in its unique form. The House was likely to vote on the revised invoice on Friday.
"Investors wait for the U.S. House to grant the rescue, but still if that happens, it would encompass a neutral crash on the marketplace as its efficiency is motionless questionable," said Murai at Nozomi Securities.
Manager Investment Information Department Yoku Ihara, at Retela Crea Securities, said the consequence of the House choose would still likely influence the Tokyo marketplace untimely next week, though the major focus will move to upcoming income by U.S. economic firms.
"If incomes by companies such as (Citigroup) spin out to be comparatively good, investors may start picking up a few of the tattered financial stocks," he said.

AUTOS HIT

Shares of Toyota hit a three-year low while other car makers also extended losses following U.S. sales data on Wednesday.
Toyota shares chop down 6 pct to 4,050 yen, extending a 3.4 pct fall on Thursday.
Honda Motor Comp 7267.T shares were losing 4.5 % at 2,865 yen after previously sliding to 2,845, their buck since mid-April. Toyota and Honda were the major stocks passed out down the Nikkei 225.
Nissan Motors Comp 7201.T fell 5.8 pct to 629 yen, to do business at its buck levels in almost 7 years.
Separately, forecast for European sales Toyota for the coming year is no longer sensible, the automaker local head said on Thursday, adding up that the number is additional likely to contest last year's stage given the hold up in the general market and worldwide economy.
Exporters from High-tech also came down, with Canon Inc 7751.T descending 3.2 pct to 3,880 yen and Kyocera Corporation 6971.T descending 2.1 pct to 7,760 yen.
Amongst gainers, Fast Retailing Comp 9983.T surged 12.8 pct to 12,280 yen to turn out to be the top optimistic contributor to the Nikkei 225 after the company said its Uniqlo informal apparel shackles same-store sales climbed20.8 pct in September, thanks to strapping sales of autumn objects.
Softbank Corporation 9984.T climbed 3.6 pct to 1,352 yen after Nikko Citi lift its ranking to "purchase/speculative" from "hold/exploratory", saying the telecommunication firm's share are undervalued.
Trade noticed the Tokyo exchange's first segment, with 1.1 billion shares varying hands, compared among last week's daybreak average of 854 million.
Decreasing stocks outpaced advancing ones by nearly 5 to 1.