Shares of Japan’s Rakuten fall after posting charge on devalued securities
Rakuten Inc. fell the most in seven weeks in Tokyo trading after the Japanese operator of shopping Web sites said it will take a charge on devalued stockholdings, Bloomberg reported.
Rakuten dropped 1,700 yen, or 3 percent, to 55,300 yen, as of 10:09 a.m. on the Jasdaq Securities Exchange, the sharpest slide since Nov. 18.
The Tokyo-based company will post a charge of 65.6 billion yen ($712 million) after the value of securities it holds declined, it said in a statement on Dec. 30. Rakuten will write down the value of Tokyo Broadcasting System Inc. shares and other holdings, according to the release.
Tokyo Broadcasting, which has fallen 44 percent in the past year, declined 52 yen, or 3.8 percent, to 1,312 yen today.