TOKYO: Japanese stocks fell, with the Topix index heading for its biggest drop in a week, as a deepening commodities selloff raised concern growth may be slowing in China, and as investors await a Federal Reserve update.
Murata Manufacturing Co., a maker of electronic components that gets about 58 percent of its revenue from China, lost 4.1 percent. Daiichi Sankyo Co. slumped 3.2 percent after Morgan Stanley cut its rating on the drugmaker. Electronics maker Toshiba Corp. gained 6.8 percent, the most on the Nikkei 225 Stock Average.
The Topix lost 0.9 percent to 1,657.26 as of 12:43 p.m. in Tokyo, with about six shares falling for each that rose. The Nikkei 225 declined 0.9 percent to 20,377.89. The Shanghai Composite Index dropped 6.2 percent on Tuesday and lost 3.1 percent on Wednesday.
“Another big drop in Chinese equities is leading to concern over the Chinese economy and a lack of transparency in the global economy,” Hiroichi Nishi, a manager at SMBC Nikko Securities Inc. in Tokyo, said by phone. “We’re lacking reasons to aggressively buy in Japan.”
