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The Tokyo Stock Exchange ended sharply lower Friday as investors worried by the worsening debt crisis in the eurozone and rising yen.

The Nikkei lost 2.99% to 8611.31 points, points, while the Topix broader, yielded 2.89% to 725.54 points.

The fear that the turmoil in Spain, after the lowering of 16 banks by Moody's, impact on the Japanese financial sector weighed on banking stocks as Nomura Holdings, which fell 5.63%.

Exporting companies have also suffered from the rise in the yen, considered a hedge against the dollar and the euro.

Toyota has sold 3.7% and Nikon, which is no longer recommended for purchase by Nomura, lost 5.7%. 

The Japanese Finance Minister Jun Azumi said Friday he was following the developments on the foreign exchange market with special attention, adding that he was ready to react appropriately, comments that suggest mid-word possible intervention on the yen.

Royal Bank of Scotland has said Friday on the road to recovery while the bank released first quarter operating profit better than expected and a sharp reduction of its balance sheet.

The banking group, 82% owned by the British state after having to be rescued during the 2008 financial crisis, has issued an operating profit of a , 2 billion pounds (1.46 billion euros), against a loss of 144 million the previous quarter.

"We are pleased with progress made in the first quarter, although the economic and regulatory environment remains tough," said CEO Stephen Hester. "RBS continues to significantly grow in strength and resistance."

RBS had closed its 2011 fiscal year in the red for the fourth consecutive year.

BNP Paribas, which posted first quarter net profit boosted by a gain on the sale of a block of Klépierre, said Friday be able to complete its plan to reduce the size of its balance sheet this summer.

The French bank said it had to end in March made 80% of its plan, launched at the beginning of last fall at the higher of the debt crisis in the euro area, after be reduced by 63 billion euros of its risk-weighted risk, including 16 billion over the first three months of the year.

"We can lock him in the summer," said Jean-Laurent Bonnafe, the CEO of BNP Paribas, in an interview with Reuters. 

At the Paris Stock Exchange, BNP Paribas, which had opened lower, was up slightly from 0.43% to 29.22 euros at 9:29, outperforming the bank Europé in (0.29%).

Some managers pointed out that despite good results on bills in the first quarter, the French banking stocks suffering from uncertainty about the macroeconomic environment and concerns over the euro area . In France, banks are also under threat of a major reform of the sector if the Socialist candidate Francois Hollande wins the presidential election Sunday.

"I found good results, in almost all divisions. Solvency is still a very important point," said Yohan Salleron, manager at Mandarine Gestion. "Nevertheless, we see some negative reaction, linked to the problem of the banking room, especially on the French market where investors expect a little clarification side of politics. "

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Are feared while new waves of industrial restructuring after the presidential election, particularly in the banking sector, BNP Paribas ensures not to provide new measures of job cuts after presidential election.

Nearly 1,400 positions are already about to be deleted in the banking and investment banking. The voluntary separation plan should be completed by end June

In the first quarter, net earnings from BNP Paribas was up by nearly 10%, to 2.86 billion euros, after integrating in its accounts a gain 1.8 billion on the sale of an interest in the property group Klépierre.

The French bank said that excluding special items, net income for the period spring down 22% to two billion euros.

According to the Thomson Reuters consensus I / B / E / S, analysts on average expected a net profit of 2.344 million euros. 

For comparison, Societe Generale reported Thursday a net profit of 732 million euros for the first three months of the year, down 20%, supported by the results of its operations on interest rates, currencies and commodities.

"TOO SOON" FOR A TARGET ROE

Hired as many European banks in a program to reduce the size of its balance sheet and strengthen its financial strength, BNP Paribas is to end on March 1 capital ratio 'hard' to 10.4%.

The bank said the coup had "substantially" exceeded the goal of equity of 9% required by the EBA to late June. 

Due to lack of visibility on the new regulatory environment, it refuses to give a target return on equity (ROE) for the future. This amounts to 11.5% at end March.

"It is too early to give this kind of goal," said Jean-Laurent Bonnafé. "We still need clarification on the new regulation on liquidity ratios on capital requirements."

If he refused to make any comment on the election issue for banks, the CEO of BNP Paribas notes, however, that Francois Hollande and the president-candidate Nicolas Sarkozy pledged to fight the deficit and to support growth.

The Tokyo Stock Exchange plunged by nearly 2% Tuesday, within the scope of the strong yen, a trend that still weighs on export-related values, and a caution investors because of renewed concerns about the debt crisis of the euro area.

The Nikkei lost 1.78% or 169.94 points to 9,350.95 points and the Topix broader, yielded 14.78 points (-1.84%) to 789, 49 points.

The Tokyo Stock Exchange remained closed Monday due to holiday, has also suffered from U.S. and Chinese indicators worse than expected.

The Nikkei fell to its lowest and closing of two and a half months while the Topix fell below 800 points for the first time since mid-February.

Richemont, the world number two luxury, will invest 100 million Swiss francs in a research and training in Haute Horlogerie in Geneva, at a time when the Swiss watch industry faces to a significant shortage of manpower.

The group, whose brand portfolio includes jewelery houses Cartier and Van Cleef & Arpels and the prestige watches Vacheron Constantin and Roger Dubuis, also plans to invest 60 million in training and research ten years.

"The group will strengthen its foothold in Geneva and its commitment to the regional economy," said the Swiss group said in a statement Monday.

Richemont, which rivals the French LVMH, plans to build a training and research integrated 30.000 square meters in Meyrin, a suburb of Geneva.

The site will be built near the headquarters of the manufacturer Roger Dubuis, will bring together a creative workshop of Van Cleef & Arpels and production workshops of Vacheron Constantin.

Will be added the Manufacture Stern Geneva 1898, a manufacturer of high-end dials that will merge its operations with those of the Genevan Manufacture of Haute Horlogerie, specializing in components of movement.

The project also includes the creation of a center for training in the watch, which will accommodate 45 apprentices in three years, and a research center. 

"Meyrin offers the opportunity to create a magnet, and exchanges of excellence," said Richard Lepeu, the group's executive director, at a press conference in Geneva.

Richard Lepeu highlighted the interest of the pooling of research and the transmission of knowledge, with particular reference to the prevailing model in Silicon Valley.

"Rather than make everyone at home, we decided to share," he added.

The center, named "campus of Geneva watchmaking", will open its doors in 2014 and is expected to host 900 people by 2020, the group said in a statement, adding that 400 recruitments are planned term. 

"The campus is reminiscent of the university," added Richard Lepeu, explaining that the group had wanted to develop a concept that would appeal to young apprentices.

The Swiss watch industry is facing a shortage of skilled labor, while the sector is facing significant pressures on production capacity to face the excitement of Chinese consumers for luxury watches.

Reduced deliveries by Swatch Group, the leading manufacturer of movements and watch parts in Switzerland, has in addition forced manufacturers of luxury watches to substantially increase investment in production to secure their supply.

Sony announced on Tuesday forecast a record annual net loss of 520 billion yen (4.88 billion euros) in respect of its fiscal year 2011-2012, more than double the loss of 220 billion yen it expected in February.

Sony says these new forecasts by setting aside a reserve of 300 billion yen to cover costs of additional tax.

The group of Japanese consumer electronics, however, said it expected to return to profit from the current fiscal year, providing an annual operating profit of 180 billion yen for 2012-2013 against an operating loss of 95 billion for the current year.

According to Japanese newspaper Nikkei, Sony is preparing to cut about 10.000 jobs, or about 6% of its global workforce, by the end of the year. These measures would affect the chemical division of the giant Japanese electronics manufacturer as well as LCD screens small and medium size.

Italian banks have taken about a quarter of 1.000 billion euros of liquidity to three years at a reduced rate proposed by the European Central Bank (ECB) in December and February , according to figures released Friday by the Bank of Italy.

Italian banks have taken 116 billion euros in the supply of long-term refinancing (LTRO) of the ECB in December and 139 billion euros at the February.

The cheap liquidity from the ECB have helped Italian banks to overcome their financial difficulties, amid tensions on the interbank market while the spectrum of the debt crisis looms over the country.

Back to the recession in the euro area, concerns over Spain, stopping fear of monetary easing in the U.S. … A series of bad news the markets into Wednesday. Paris lost nearly 3%. A screen broadcasts stock information in Shenyang, China, Aug. 10, 2011.

The bulk of the crisis is behind us? Investors are not so sure. The Paris Bourse fell nearly 3% Wednesday, penalized, as all European markets, the failure of a bond issue and Spanish fears of a return to recession in the euro area.

The CAC 40 has only widen its losses throughout the session to close on a decline of 2.74% to 3313.47 points in a given volume of trade, a sign of the nervousness of investors, from 4.074 billion euros. On other European financial centers, Frankfurt has given 2.84%, 2.30% London. For its part, the Euro Stoxx 50 lost 2.54%.

"While the United States, the Federal Reserve considers the economic recovery strong enough to prevent a new program of monetary easing, the situation in Europe is much more difficult as argued by the European Central Bank," said Baradez Alexander, an analyst at Saxo Bank.

Mario Draghi, the chairman of the Mint, said it was "premature" stop the anti-crisis measures in place to cope with the financial crisis. Neither the level of inflation, whose prospects are "anchored" or economic status or the high rate of unemployment in the eurozone, do begin this withdrawal, he said.

In this context, the ECB decided, not surprisingly, to leave its key interest rate unchanged at 1%, its lowest level ever. But "it has dampened hopes of investors who expected any new support measures given the weak economy," lamented Mr. Baradez.

But distrust was also put on the other side of the Atlantic. In New York, the Dow Jones yielded 1.17% and the Nasdaq 1.42% at mid-afternoon. U.S. investors are disappointed by showing the likely absence of a third wave of monetary easing in the United States. And even more worried that Europe too.

The private activity has continued to contract in March in the euro area, reflecting a return to recession in the first quarter, according to a second estimate of Wednesday's PMI purchasing managers. However, large disparities remain national: Italy and Spain are firmly entrenched in a recession in March. In Germany, growth slows and displays its lowest level in three months and in France, business retreats for the first time in four months.

The Spanish case also weighed on trade after the failure of a bond issue that has made borrowing rates soaring. Given the very difficult economic situation of the country, "investors are skeptical that Madrid can meet its deficit target to 5.3% of GDP this year," said Duarte Caldas IG Markets.

Overseas, the slowdown in hiring in the private sector in March was just played on the trend, stakeholders still waiting with some optimism the official report on employment on Friday. The increased activity in services in the U.S. slowed in March, but it is still the 27th consecutive month of expansion in the sector, given that the threshold of 50 points marks the boundary between growth and contraction activity.

All values ​​of the CAC 40 finished in the red. The cyclical industry, the most susceptible to cyclical, has paid a heavy price to concerns about growth in Europe. Peugeot has lost 5.82% to 10.77 euros, Lafarge 4.97% to 33.73 euros and Renault 4.46% to 37.26 euros.

The main European stock markets opened on a note undecided Tuesday after a sharp rise, investors showing a wait before important deadlines, including the policy meeting currency of the European Central Bank Wednesday and the monthly report on employment in the United States Friday.

In early trade, the CAC 40 was down 0.1%, the DAX 30 is stable (0.04%) and the FTSE 100 gained 0.1%.

Values, gaining 2.62% Accor to 27.79 euros. Barclays raised its advice to overweight from equal weight with a target price of 31 euros.

Sodexo was down over 3%. Morgan Stanley said Tuesday it has reduced its board of equal weight to underweight.

0.38% total wins. The tanker has said it wants to maintain its goals of investment and dividend after the gas leak on one of its platforms in the North Sea, which he declined to ; quantify the future impact on its accounts.

Finance ministers of the euro area have agreed to bring the total response capability for emergency funds to some 800 billion euros, said Friday the Austrian Minister of Finance Maria Fekter.

After intense discussions, in the opinion of several sources, the 17 euro zone countries have chosen a minimal agreement that suits countries like Germany, Finland and the Netherlands, which the public does not want to pay for bailouts, sources said the European Union. 

This includes $ 500 billion of the European Stability Mechanism (MES), the permanent emergency fund that will be operational in July, and 200 billion already committed by the Europe Fund in financial stability (EFSF), the temporary emergency fund to be disabled in July 2013, told reporters Maria Fekter.

She said that this was added the remaining 49 billion of European Financial Stability Mechanism (EFSM), which had been the first response to the debt crisis of the euro area, and 53 billion bilateral loan to Greece.

A senior official of the euro area has confirmed these amounts. 

The EFSF has a total capacity of loan of 440 billion euros and 240 billion would not mobilized a mattress in an emergency within 15 months, during which the EFSF and MES will be operational in parallel, said Maria Fekter.

The European Commission, France and several other major economic powers wanted to help build the capacity of the euro area as possible in the hope that, faced with such a display of force , markets regain confidence in the long run, thus avoiding having to commit any such capacity. 

But Berlin did not want such a mobilization in advance, not accepting that if it is really necessary, while noting that the markets were already over and placated implementation of agreed reforms was more important.

With such a decision, the euro area will have something to present to the G20 finance ministers in Washington in April, during a meeting that will discuss higher global contributions to the International Monetary Fund.

Capacity building of the eurozone bailout is, for most countries of the Group of Twenty (G20), a prerequisite for increased allocations to the IMF. 

From this perspective, the euro area is now well placed to discuss the matter, said Friday French Finance Minister Baroin.

"This is a good signal," he has said.