* Market braces for more falls from Yellen speech - traders
* Financials tumble after U.S. bond yields drop
* SoftBank outperforms on additional Aibaba stake sale
By Ayai Tomisawa
TOKYO, June 6 Japan's Nikkei share average
stumbled to a near one-month low on Monday morning as the dollar
fell sharply against the yen on disappointing U.S. jobs data,
weighing on exporter stocks.
The Nikkei dropped 1.4 percent to 16,404.93 in
mid-morning trade, after falling to as low as 16,322.64, the
weakest level since May 10.
U.S. nonfarm payrolls rose by just 38,000 last month, the
smallest increase since September 2010 and well shy of
expectations for a rise of 164,000. All 105 economists polled by
Reuters had forecast higher numbers.
"When I first saw that figure, I wondered if it was 138,000,
and I later figured that I was adding an extra digit in my head.
It was that shocking," said Takuya Takahashi, an equity
strategist at Daiwa Securities.
He said that the market is bracing for a further fall
leading up to comments from Federal Chair Janet Yellen, who is
due to speak on the economic outlook and monetary policy to the
World Affairs Council of Philadelphia later in the day.
"If she hints at a possibility of an interest rates hike
next month, if not this month, the dollar may not fall further,
and the impact to the stock market can be limited," he said.
Exporters languished, with Toyota Motor Corp
falling 1.5 percent, Honda Motor Co declining 2.7
percent and Panasonic Corp skidding 2.6 percent after
the dollar slid to a one-month low of 106.35.
Banks and insurers underperformed with Mitsubishi UFJ
Financial Group down 2.8 percent, Sumitomo Mitsui
Financial Group shedding 2.6 percent, and Dai-ichi Life
Insurance Co tumbling 4.2 percent.
The securities sector was the worst performer on
the board. It dived more than 3.5 percent to a near four-month
low on thin volume and turnover. Nomura Holdings
tumbled 3.3 percent and Daiwa Securities Group
nosedived 4.2 percent.
SoftBank Group Corp, on the other hand,
outperformed the market and rose 0.7 percent after saying that
it was selling a further $1.1 billion of its shares in Alibaba
Group Holding Ltd, bringing the total it has sold in
the Chinese e-commerce company to $10 billion.
The broader Topix shed 1.3 percent to 1,319.29 and
the JPX-Nikkei Index 400 declined 1.4 percent to
(Editing by Sam Holmes)