TOKYO: Stocks in Tokyo fell for a second day, led by shippers, steelmakers and banks, as the yen gained and investors weighed earnings ahead of central bank meetings in the U.S. and Japan. The Topix index dropped 0.7 percent to 1,391.69 at the close in Tokyo, with seven shares retreating for every two that rose. The gauge added 3.4 percent last week, a second weekly gain. The Nikkei 225 Stock Average slipped 0.5 percent to 17,353.28. The yen strengthened 0.3 percent to 110.92 per dollar, rising for a second day.
“Japanese stocks are at a level where investors can take profit,” said Toshihiko Matsuno, chief strategist at SMBC Friend Securities Co. in Tokyo. “It’s easier for investors to lighten their positions so damage will be limited in case something unexpected happens in U.S. and Japanese monetary policy.”
Traders expect no action from the Federal Reserve on Wednesday in Washington, while they see a 20 percent chance of a rate hike at the June meeting. Twenty-three of 41 analysts surveyed by Bloomberg expect the Bank of Japan will expand stimulus on April 28. Japan’s consumer prices and retail sales data for March will also be released Thursday in Tokyo.
