Japanese
stocks fell for a fifth day after the yen strengthened against the
dollar following a flurry of U.S. economic data that did little to
change the view that the Federal Reserve will take a gradual approach to
raising interest rates.
The
Topix index declined 0.5 percent to 1,295.14 as of 9:01 a.m. in Tokyo,
adding to last week’s drop of 4.7 percent, its worst weekly performance
in two months. The Nikkei 225 Stock Average slid 0.4 percent to
16,095.23. The yen traded at 111.70 per dollar after strengthening 0.8
percent on Friday. Even with signs of life in American manufacturing and
jobs data that topped estimates adding to optimism in the U.S. economy,
traders still don’t expect higher interest rates until the fourth
quarter.
Futures
on the Standard & Poor’s 500 Index slipped 0.2 percent after the
underlying gauge added 0.6 percent on Friday to close at the highest
level this year. Optimism in the U.S. economy and expectations for only
gradual Fed tightening overshadowed a selloff in oil.
Source: Bloomberg
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