Japan stocks fell from the highest level in 11 weeks, led by losses at commodities firms, as the OECD trimmed its global economic growth forecasts.
The Topix index declined 0.7 percent to 1,579.31 at the break in Tokyo, after a four-day 4.2 percent advance. About three shares fell for each that rose. The Standard & Poor’s 500 Index sank the most in more than a month on Monday as investors globally continue to adjust to the increased likelihood of higher U.S. interest rates this year while the Bank of Japan stands pat on already unprecedented monetary easing.
Selling on the Topix index was broad based, with all but three of its 33 industry groups retreating, led by utilities and commodities producers. Inpex Corp., Japan’s biggest energy explorer, sank 2.4 percent. The Nikkei 225 Stock Average dropped 0.6 percent to 19,525.87.
Asahi Kasei Corp. lost 2.1 percent after the subcontractor at the center of a building probe said it’s delaying the sale of apartments planned to start this month.
Hayashikane Sangyo Co. surged 9.2 percent, the second-biggest advance on the Topix, after sales at the processed food maker topped its forecast.
Japan Display Inc. climbed 7.2 percent as Mitsubishi UFJ Morgan Stanley analysts said earnings are faring reasonably well despite a sharp deterioration in the market for smaller LCDs, while Nomura Holdings Inc. cited progress on management reforms.
Source : Bloomberg