Japan Stocks Drops as Exporters Slump on Global Growth Concerns

Japanese shares fell, with the Topix index posting its biggest drop in almost three weeks, as exporters retreated after the yen gained on reignited concern about global growth.

The Topix slumped 1.1 percent to 1,332.33 at the close of trading in Tokyo. All but two of 33 industry groups slid. The gauge has lost 3.1 percent over three days, following a 15 percent rally over the previous three weeks. The Nikkei 225 Stock Average lost 0.8 percent to 16,642.20. The yen traded at 112.58 per dollar after rising 0.7 percent on Tuesday. The Standard & Poor’s 500 Index slipped 1.1 percent on Tuesday after China reported the biggest tumble in exports in almost six years and data showed Japan’s economy shrank last quarter.

Source: Bloomberg

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Japanese Shares Slide as Yen Gains Amid Global Growth Concerns

Japanese shares fell, with the Topix index heading for its biggest drop in almost a month, as exporters retreated after the yen gained on reignited concern about global growth.

The Topix slumped 1.8 percent to 1,323.76 at the trading break in Tokyo, on course for its largest decline since Feb. 12. All but one of 33 industry groups slid. The Nikkei 225 Stock Average lost 1.6 percent to 16,515.93. The yen traded at 112.49 per dollar after rising 0.7 percent on Tuesday. The Standard & Poor’s 500 Index slipped 1.1 percent on Tuesday after China reported the biggest tumble in exports in almost six years and data showed Japan’s economy shrank last quarter.

Shippers led losses among the Topix’s industry groups, while carmakers and electric-appliance manufacturers were among the biggest drags. Banks also fell, with Mitsubishi UFJ Financial Group Inc. slumping 3.1 percent. Asahi Kasei Corp. declined 5.8 percent after the chemical and real estate company announced February home orders dropped 11 percent from a year earlier. Dentsu Inc. rose 1.1 percent after JPMorgan Chase & Co. raised its rating on the advertising firm.

Source : Bloomberg

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