TOKYO: Japanese stocks dropped as a stronger yen outweighed optimism that the Federal Reserve will raise interest rates more slowly than previously forecast.
Honda Motor Co., which gets about 84 percent of its revenue abroad, declined 1.1 percent after the yen gained against the dollar. Aeon Financial Service Co. dropped 4.7 percent as Credit Suisse Group AG cut its rating on the stock. Nintendo Co. surged 12 percent, adding to Wednesday’s 21 percent jump after saying it plans to develop game titles for mobile devices with DeNA Co. Mitsumi Electric Co. tumbled 3.5 percent, the biggest drop on the Nikkei 225 Stock Average, after the Nintendo supplier surged 7.8 percent Wednesday.
The Topix index slipped 0.6 percent to 1,573.82 as of 12:52 p.m. in Tokyo, with almost three stocks falling for each that rose. The Nikkei 225 dropped 0.5 percent to 19,438.10. The yen traded at 120.32 per dollar after jumping 1 percent on Wednesday following the Fed statement, which drove U.S. stocks higher.
