TOKYO: Japanese stocks fell, with metal product makers and insurers leading the Topix index toward its first decline in five days, after the yen strengthened against the dollar and equity gauges from the U.S. to Europe dropped.
Sumco Corp. plunged 12 percent to lead declines on the Topix Metal Products Index after announcing plans to sell shares. Dai-ichi Life Insurance Co., Japan’s biggest insurer, slumped 3 percent. Convenience store operator Lawson Inc. dropped 2.2 percent after Nomura Holdings Inc. cut its rating on the stock. NGK Insulators Ltd. jumped 3.2 percent, the most on the Nikkei 225 Stock Average, after its shares were upgraded by SMBC Nikko Securities Inc.
The Topix dropped 0.7 percent to 1,515.90 as of 12:45 p.m. in Tokyo, after closing yesterday at the highest level since December 2007. All but five of its 33 industry groups fell. The Nikkei 225 lost 0.7 percent to 18,689.11 after closing at its highest level since 2000 on Monday. The yen strengthened 0.1 percent to 119.65 per dollar after rising 0.3 percent Tuesday.
