Bloomberg, (15/4) -- Japanese stocks fell, with the Topix Index snapping
its longest winning streak in two years, after the U.S. said it would
urge Japan to refrain from policies to devalue the yen and Chinese
economic data missed estimates.
The Topix dropped 1.3 percent to
close at 1,133.99 in Tokyo, ending an eight-day advance that was the
longest such streak since February 2011. More than two stocks slid for
each that gained today. The Nikkei 225 Stock Average lost 1.6 percent to
13,275.66, with volume 30 percent above the 30-day average.
“Profit-taking
is dominating the market as it seems like the yen won’t weaken beyond
100 per dollar soon,” said Koji Toda, chief fund manager at Resona Bank
Ltd. in Tokyo, which oversees about 15 trillion yen ($153 billion).
“China’s data are confirming the underlying concern about its economic
outlook.”
The 14-day relative strength index of the Topix has
stayed for four days above the 70 threshold that some traders say
signals shares have risen too much, too fast.
As G-20 finance
ministers and central bankers prepare to convene this week in
Washington, the U.S. Treasury said it will press Japan to refrain from
competitive devaluation of the yen and European governments are urging
it not to become too reliant on fiscal and monetary stimulus.
The
yen has rebounded after weakening to 99.95 per dollar on April 11, the
lowest since April 2009. It traded at 98.08 per dollar today and gained
against 15 of its 16 major counterparts.
China’s gross domestic
product grew 7.7 percent in the three months ended March from a year
earlier, the National Bureau of Statistics said in Beijing today. That
compares with the 8 percent median forecast in a Bloomberg News survey
of 41 analysts and 7.9 percent in the fourth quarter. Industrial
production gained less than estimated in March, while retail-sales
growth matched forecasts.
|
No comments:
Post a Comment