ADRs in Focus: Japanese ADRs

In Japan, confidence among major manufacturers dropped to its lowest level in nearly five years, according to the central bank's closely watched "tankan" survey.

The country's tankan survey is used by the central bank to formulate monetary policy and is released four times a year.

Tokyo's Nikkei 225 index declined 18.18 points, or 0.13 percent, to 13,463.20, falling for the ninth consecutive session.

Shares of Toyota Motor Corp. declined 81 cents to $93.19 after the automaker said June U.S. sales declined on poor demand for sport utility vehicles and pickup trucks.

Shares of electronics and entertainment company Sony Corp. declined 75 cents to $42.99.

Shares of digital camera and printer camera Canon Inc. declined $1.39, or 2.7 percent, to $49.82, and shares of electronics company Hitachi Ltd. declined 71 cents to $70.97.

In afternoon trading, the Bank of New York Japan ADR index slipped 0.63 points to 99.36. The index is down about 6.5 percent so far this year. ADRs, or American Depositary Receipts, are securities designed to allow U.S. investors to trade shares of overseas companies.

The broader Bank of New York Composite ADR Index fell 2.54 points, or 1.5 percent, to 165.65.

On Wall Street, stocks wavered following rising oil prices and weak economic data.