Japanese Stocks Halt Four-Day Rally On Greek Talks Deadlocked

Japanese stocks fell, with the Nikkei 225 Stock Average retreating from four days of gains that pushed it to an 18-year high, as talks between Greece and its creditors remained deadlocked.

Toyota Motor Corp., the world’s biggest carmaker by market value, lost 1.3 percent. Fanuc Corp. sank 2.7 percent after Goldman Sachs Group Inc. cut its target price on the robotics maker, while Jtekt Corp. jumped 4 percent after the brokerage upgraded its investment rating. iFlag Co. surged 45 percent after Hikari Tsushin Inc. said it would make the IT company a wholly owned unit.

The Topix index lost 0.5 percent to 1,670.91 at the close of trading in Tokyo, with about three shares falling for each that gained. Volume on the measure was about 14 percent below its 30-day average. The Nikkei 225 slipped 0.5 percent to 20,771.40, after closing Wednesday at its highest level since December 1996.

European officials resumed talks on Greece’s bailout on Thursday after a day of negotiations broke up in the early hours without ending the standoff that has brought the country on the cusp of a default.

Source: Bloomberg


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