Japanese stocks
tumbled after talks between OPEC members and other producers ended
without any agreement on limiting supplies, while the yen gained after
the Group of 20 finance ministers signaled opposition to curbing the
currency’s strength.
Energy stocks led
losses as crude futures sank. Insurers posted the second-largest decline
in the wake of Thursday’s earthquake and strong aftershocks Saturday
that pushed the death toll higher. Companies that halted some production
after the quake also dropped, including Sony Corp., which lost 5.8
percent.
The Topix index
slumped 2.9 percent to 1,321.70 as of 9:56 a.m. in Tokyo, with all of
its 33 industry groups falling, after rising last week by the most in
two months. The Nikkei 225 Stock Average dropped 2.9 percent to 16,366.
The yen rose 0.7 percent to 108.03 per dollar, strengthening for a
second day after Japan’s G-20 counterparts signaled opposition to
shielding the country’s fragile economy via intervention to curb the
currency’s strength.
Source: Bloomberg
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