Stocks fell in Tokyo, with the benchmark Topix index close to erasing gains from the Bank of Japan’s latest stimulus, as exporters declined after the yen jumped against the dollar and earnings disappointed investors.
The Topix lost 1 percent to 1,392.97 at the break in the Japanese capital after tumbling 3.2 percent on Wednesday. The measure ended the morning less than one point from its closing level on Jan. 28, the day before the central bank surprised investors by saying it would adopt negative interest rates. The Nikkei 225 Stock Average slipped 0.7 percent to 17,069.96 on Thursday. The yen traded at 118.10 per dollar after strengthening 1.7 percent on Wednesday, the most since August, as weak U.S. services data fueled anxiety America’s economy isn’t immune to weakness elsewhere.
Hitachi Ltd. plunged 9.7 percent after slashing its full-year profit forecast as Chinese growth slowed and oil prices plummeted. Panasonic Corp. tumbled 7.8 percent after lowering its operating-profit outlook. Toshiba Corp. fell as much as 5.6 percent after the Asahi newspaper reported it may forecast a wider net loss. The company, which pared the decline to close the morning session down 0.3 percent, said it’s reviewing its full-year earnings outlook and will release it as planned at 3 p.m.
Source : Bloomberg