TOKYO: Japanese stocks fell, with metal product makers and insurers leading the Topix index to its first decline in five days, as the yen held gains against the dollar and equity gauges from the U.S. to Europe dropped.
Sumco Corp. plunged 13 percent to slide most on the Topix Metal Products Index after the wafer maker announced plans to sell shares. Dai-ichi Life Insurance Co., Japan’s biggest company in the sector, slumped 2.8 percent. Lawson Inc. dropped 1.8 percent after Nomura Holdings Inc. cut its rating on the convenience-store operator. NGK Insulators Ltd. jumped 3.1 percent to lead gains on the Nikkei 225 Stock Average, after its shares were upgraded by SMBC Nikko Securities Inc.
The Topix dropped 0.6 percent to 1,517.01 at the close in Tokyo, falling from the highest level since December 2007. All but five of its 33 industry groups fell. The Nikkei 225 lost 0.6 percent to 18,703.60, extending declines after closing Monday at the highest since April 2000. The yen traded at 119.68 per dollar after rising 0.3 percent Tuesday.
