Nintendo stock falls after Japanese gov sells its shares
A little video game biz news making the rounds this morning: NY Time's DealBook reports of a Nintendo stock price decline on news that the Japanese government would sell its shares.
"Shares of Nintendo, the world's largest maker of handheld video-game players, posted the biggest decline in three weeks after the company said Japan's government would sell its stake, about 1.4 percent of the outstanding stock. The stock fell 2.7 percent to 32,950 yen on the Osaka Securities Exchange on Monday."
The total value of the released shares is around $557 million. So is Nippon short on cash or does the country know something we don't? Like, Nintendon't?
UPDATE: As commenter sheppy wisely points out, Nintendo requested the sale "to increase the number of individual shareholders" according to Bloomberg.
