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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Japanese Stocks Halt Four-Day Rally With Greek Talks Deadlocked

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

The Topix index lost 0.5 percent to 1,671.78 as of 9:01 a.m. in Tokyo as all but two of its 33 industry groups declined. The Nikkei 225 slipped 0.3 percent to 20,796.82, after closing Wednesday at its highest level since December 1996.

The downbeat tone from Berlin reinforced the brinkmanship at play, with finance ministers set to convene again Thursday. Greece faces a June 30 deadline to repay about 1.5 billion euros ($ 1.7 billion) to the International Monetary Fund.

E-mini futures on the Standard & Poor’s 500 Index added 0.1 percent. The underlying gauge fell 0.7 percent in New York on Wednesday amid the Greek talks and as revised data showed a bigger gain in consumer spending helped the world’s largest economy contract less than previously estimated. Gross domestic product fell at a 0.2 percent annualized rate in the first quarter, compared with a previously reported 0.7 percent drop.

Source: Bloomberg

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