JAPAN, Aug 24 (Reuters) – Japan Auto parts stocks in Japan surged on Wednesday after Typhoon Ike hit Japan, with Japan’s largest auto parts maker JAXA Group, Toyota Motor Corp and Honda Motor Co reported to have the largest losses in a single day.JAXA shares were trading up 3.5 percent on Wednesday, while Toyota shares were down 0.4 percent.
Toyota shares were up 0.9 percent and JAXa shares were flat.
The Nikkei 225 index closed down 1.3 percent.
The Japanese auto parts industry is expected to contract 2.2 percent in the second quarter from a year earlier, according to Japan’s Ministry of Economy, Trade and Industry.
The ministry has warned of a slowdown in consumer spending as the economy struggles with the aftermath of Typhoon Ike.
The government has also announced an economic stimulus package to help revive the economy after the country suffered from a shock shock in the third quarter of last year.