Coach (COH), Tiffany (TIF) Drop on Japan Exposure

Coach Inc. (NYSE:COH) and Tiffany & Co. (NYSE:TIF) closed down Tuesday on direct exposure in the Japanese market.

Sales in Japan are expected to come under pressure for Coach on news they have closed some stores and cut back on hours in others. The handbag company shut 20 stores and reduced hours at a number of others, according to a company spokeswoman.

While not giving a specific number, Tiffany & Co. said they closed a number of its 55 outlets in Japan until further notice.

Tiffany closed Tuesday at $57.68, falling $2.18, or 3.64 percent. Coach closed at $52.02, down $1.09, or 2.05 percent.