Nintendo Shares Hit By Yen Exchange Rate Fears Again

Kyoto-based Nintendo saw shares slide on Thursday as strong yen worries hit the company once again on the Tokyo Stock Price Index, according to finance media reports. A strong yen has been cause of concern for Japanese companies such as Nintendo, which exports products worldwide and has been generating lower value sales numbers due to the unfavorable exchange rates. Nintendo shares dropped 3.3 percent to 22,390 yen ($260), the Financial Times reported. The company had the biggest dive on the Tokyo Stock Price Index, according to the report. In July, the Mario maker cited a strong yen and a shrinking Nintendo DS business when it reported a $288.4 million loss for the first fiscal quarter ended June 30. The company plans 200 billion yen ($2.3 billion) in profits for its full fiscal year. Tokyo-based Sony Corp. also said last month that its Networked Products and Services division -- the one that houses PlayStation -- reported slimming Q1 losses of 3.8 billion yen ($43 million). The company said that the games division may have been profitable if it weren't for the strong yen and higher costs associated with increased sales of PlayStation 3.