2013.04.1501:20:58UTC+00Japan stocks decline as Yen bounce back on U.S. comments

Japanese stocks started a huge decline on early Monday action as the yen advances following a U.S. Treasury report warning Tokyo not to engage in competitive currency devaluation. The Nikkei Stock Average decrease by 0.8% to 13,374.35 in the early minutes, while the Topix gave up 0.7%, as the dollar purchase 98.50 yen, more than a full yen lesser from its level at the Japanese market open Friday. Most exporters dropped sharply on the surging currency. Among tech shares, Sony Corp. off 1.6%, Advantest Corp. back down 2.8%, and TDK Corp. missed 1.8%. In the auto sector, Honda Motor Co. surrendered 1.3%, Toyota Motor Corp. relinquished 0.9%, and Mazda Motor Corp. was off tracked by 1.3% despite Deutsche Bank upgrading the shares to a purchase rating. Metals shares suffered significant selling as well, with a noticeable decline in gold futures Friday helping send Sumitomo Metal Metal Mining Co. dive 4%, while steel-mill firm JFE Holdings Inc.  decreased 3.6%. On the upside, a report Saturday in the Nikkei business daily that Sharp Corp. would unload its more than 9% stake in Pioneer Corp. helped lift both firms' shares, with Pioneer stock climbing 6.2%, and Sharp  skyrocketed 3.9%.