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29.07.201306:44:13UTC+00Japan stocks backslide on surging yen; steel, techs slump

Japanese stocks backed down early Monday to extend their steep recent declines as the yen further powered up, with steelmakers and technology exporters leading pullbacks. The Nikkei Stock Average surrendered 1.7% to 13,886.25, retreating under the 14,000-point level and looking set for a fourth straight day of losses, while the broader Topix skidded 2.1% to 1,143.01. Shares of JFE Holdings Inc. relinquished 6.1%, Renesas Electronics Corp. dive down 6% and Toshiba Corp. traded 5% lower. Telecommunications firm KDDI Corp. bolstered 1.4% to rank among the few gainers, after the Nikkei newspaper reported it was expected to post a record-high operating profit in the quarter ended June.  

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