Stocks fell in Tokyo, led by energy explorers as crude oil prices dropped and the yen strengthened, exacerbating a problem for exporters that has seen Japan’s overseas shipments decline for seven straight months.
The Topix index sank 0.4 percent to 1,338.68 at the close in Tokyo after earlier losing 1.8 percent. The Nikkei 225 Stock Average dropped 0.5 percent to 16,654.60. Volume of both measure was more than 20 percent below the 30-day average. The yen added 0.4 percent to 109.73 per dollar after two days of talks between Group of Seven finance chiefs were marked by discord between the U.S. and Japan over exchange-rate policies. Oil extended losses as traders started to focus on next week’s meeting of OPEC suppliers, with Iran claiming it won’t join any pact to freeze output.
Toyota Motor Corp. fell 1 percent and Hino Motors Ltd. dropped 1.1 percent, leading exporters lower. Fancl Corp. fell 6.3 percent after releasing April data on Friday that showed sales growth slowing at the cosmetics maker.
Energy explorers were the biggest losers on the Topix, with Inpex Corp. falling 2.2 percent. Utilities also retreated, with Tokyo Gas Co. declining 2.4 percent. Shares focused on domestic consumption were also major decliners, with retailers and foodmakers among the biggest drags on the Topix.