Japanese stocks fell after the Federal Reserve indicated that turmoil in financial markets may pose risks to the U.S. economy and data showed a drop in December retail sales.
The Topix index dropped 0.7 percent to 1,391.61 as of 9:05 a.m. in Tokyo, with all of its 33 industry groups retreating. The Nikkei 225 Stock Average slipped 1 percent to 16,999.19. The yen traded at 118.44 per dollar after the Fed said it is “closely monitoring” developments from China to Europe as well as oil for any adverse impact on the American economy. U.S. shares fell more than 1 percent on Wednesday.
PT BEST PROFIT FUTURES – Japanese stocks fell from a seven-week high after oil slumped below $ 45 a barrel and the Federal Reserve cited international risks to the U.S. economy.
Skymark Airlines Inc., Japanâ€™s third-largest carrier which filed for bankruptcy protection after running short of cash, went untraded as offers to sell outnumbered buy orders. Komatsu Ltd. sank 7.5 percent after Nomura Holdings Inc. said the construction-equipment maker may miss full-year earnings estimates. Chugai Pharmaceutical Co. jumped 6 percent as Goldman Sachs Group Inc. boosted its share price target on the stock after the drugmaker reported earnings.
The Topix index lost 0.4 percent to 1,424.06 at the trading break in Tokyo, with about five shares falling for every three that rose. The Nikkei 225 Stock Average slipped 0.1 percent to 17,774.51. The yen weakened 0.4 percent to 117.98 per dollar after rising the past two days. PT BESTPROFIT FUTURES