Most Japan Shares Fall as Yen Climbs; Developers Slide From High

Most Japan Shares Fall as Yen Climbs; Developers Slide From High

Bloomberg, (9/4) -- Most Japanese stocks fell amid concern shares have risen too fast and as the country’s currency rebounded after approaching 100 yen to the U.S. dollar. Mitsubishi Estate Co., Japan’s biggest developer by market value, led real-estate stocks lower after the sector rose to its highest level in 5 1/2 years yesterday. Credit Saison Co. fell 7.7 percent, the most since the aftermath of the 2011 earthquake, after a gauge of consumer lenders jumped by the most since 2009. Okuma Corp., a machine-tools maker, jumped 8.9 percent after Credit Suisse AG raised its investment rating on the company. The Topix Index closed little changed at 1,102.04, with about three shares falling for every two that rose. The measure advanced about 11 percent since April 2, the day before the Bank of Japan began a policy    meeting which resulted in increased stimulus to boost the economy. The Nikkei 225 Stock Average fell 0.24 point, less than 0.1 percent, to 13,192.35, with volume about 24 percent higher than its 30-day average. “The yen has weakened beyond expectations and it’s going to be pretty good for company earnings,” said Tomomi Yamashita, a senior fund manager who helps oversee about 500 billion yen ($5 billion) at Shinkin Asset Management Co. in Tokyo. “It could be a good time to buy when shares decline. There’s a sense of being overbought on some shares.”