Kontak Perkasa Futures – Japanese stocks fell for the first time in three days as the yen held two days of gains amid speculation the Federal Reserve won’t hurry to raise interest rates.
Exporters declined, with Nissan Motor Co., which gets more than 77 percent of its sales overseas, falling 0.9 percent. Battery maker GS Yuasa Corp. slumped 3.2 percent after cutting its full-year profit forecast on a writedown and slower sales. Aeon Co. slid 0.5 percent after reporting weaker-than-expected preliminary earnings. Eisai Co. climbed 6.3 percent, extending yesterday’s gain of 21 percent on positive study results for an Alzheimer’s drug the company has rights to.
The Topix index declined 0.5 percent to 1,585.05 at the break in Tokyo, after closing yesterday at a seven-year high. More than two stocks fell for each that rose. The Nikkei 225 Stock Average lost 0.2 percent to 19,718.56. The yen traded at 119.81 per dollar after Federal Reserve Vice Chairman Stanley Fischer said there won’t be a “smooth upward path” for U.S. interest rates, even with the first increase potentially warranted by late 2015.
Fed officials last week said a strong dollar was taking a toll on exports and economic growth.
Source : Bloomberg