Japan Shares Join Global Retreat as Greece Defers IMF Payment

Japan shares fell, joining a global retreat, after Greece became the first country to defer a payment to the International Monetary Fund since the 1980s as its game of brinkmanship with creditors goes down to the wire.

Nissha Printing Co., a touch-panel maker that relies on Europe for more than half of its sales, dropped 2.6 percent. Toyota Motor Corp. fell 0.7 percent, the second-biggest drag on the Topix index, after a report it may struggle to reach 2015 sales targets. Takata Corp. lost 1.3 percent after automotive recalls tied to the company’s faulty air bags widened and a person familiar with the matter said some of the replacements bags were defective. Railway operators gained after Jefferies Group LLC began coverage of the group with a mostly positive outlook.

The Topix retreated 0.4 percent to 1,667.06 at the close in Tokyo, dropping 0.4 percent this week for its first weekly loss in a month. The Nikkei 225 Stock Average declined 0.1 percent to 20,460.90. The MSCI World Index fell to its lowest level in a month after Greek Prime Minister Alex Tsipras rejected demands to continue harsh fiscal reforms in exchange for bailout funds.

Greece on Thursday told the IMF it would delay a debt payment of about $ 339 million due Friday, submitting a request to the fund to bundle payments totaling about $ 1.7 billion due this month into one lump-sum payment.

Source : Bloomberg

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Japanese Stocks Join Global Retreat as Greece Defers IMF Payment

Japanese stocks fell, joining a global retreat, after Greece became the first country to defer a payment to the International Monetary Fund since the 1980s as its game of brinkmanship with creditors goes down to the wire.

Nissha Printing Co., a touch-panel maker which relies on Europe for more than half of its sales, dropped 2.4 percent. Toyota Motor Corp. fell 1 percent to be the second-biggest drag on the Topix index on a report it may struggle to reach 2015 sales targets. Takata Corp. lost 1.8 percent as Honda Motor Co. expanded its recall of Takata’s defective auto air bags, while a person familiar with the matter said some of the replacement air bags were defective. Railway operators gained after Jefferies began coverage of the group with a mostly positive outlook.

The Topix dropped 0.7 percent to 1,662 at the break in Tokyo, headed for its first weekly loss in a month. The Nikkei 225 Stock Average declined 0.4 percent to 20,398.95. The MSCI World Index fell to its lowest level in a month after Greek Prime Minister Alex Tsipras rejected demands his country continue harsh fiscal reforms in exchange for bailout funds and German Chancellor Angela Merkel said “we’re still far from reaching a conclusion.”

Source : Bloomberg

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