Japanese
stocks fell for the first time in three days as the yen held two days
of gains amid speculation the Federal Reserve won’t hurry to raise
interest rates.
The
Topix index declined 0.3 percent to 1,587.30 as of 9:02 a.m. in Tokyo,
after closing yesterday at a seven-year high. More than two stocks fell
for each that rose. The Nikkei 225 Stock Average lost 0.2 percent to
19,702.42. The yen traded at 119.75 per dollar after Federal Reserve
Vice Chairman Stanley Fischer said there won’t be a “smooth upward path”
for U.S. interest rates, even with the first increase potentially
warranted by late 2015.
Global
equity values climbed by more than $2.4 trillion last week as Fed
policy makers signaled a more gradual pace of monetary tightening than
previously estimated. San Francisco Fed President John Williams speaks
to economists in Sydney Tuesday after Fischer’s comments Monday to the
Economic Club of New York.
E-mini
futures on the Standard & Poor’s 500 Index added 0.1 percent after
the underlying equity measure lost 0.2 percent Monday in New York.
Source: Bloomberg
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