Japanese
shares fell, with the Topix index erasing gains in the final minutes of
trading to cap its longest losing streak since October, as shippers
slumped and the yen gained.
Nippon
Yusen KK, Japan™s biggest shipper, lost 3.1 percent to lead declines in
the marine-transport sector after a measure of commodity shipping costs
tumbled 17 percent last week. Sharp Corp., a supplier of displays for
Apple Inc.™s iPhone and iPad, sank 8.7 percent on saying it™s
considering ways to raise capital. Toyota Motor Corp., which sank 8.3
percent last week, rebounded 1.8 percent today after Mizuho Financial
Group Inc. said valuations are œrelatively cheap. Oil explorer Inpex
Corp. gained 2.6 percent as crude prices rose.
The
Topix fell 0.1 percent to 1,132.76 at the close of trading in Tokyo,
its seventh straight daily decline. The measure reversed early losses to
rise as much as 0.9 percent and maintained its advance for most of the
afternoon session, only erasing gains in the final minutes. The Nikkei
225 Stock Average lost 0.4 percent to 13,910.16. The yen gained 0.1
percent to 101.57 per dollar after strengthening 1.6 percent last week.
The
Topix tumbled 6.7 percent last week to extend its 2014 decline to 13
percent, the steepest among 24 developed markets tracked by Bloomberg.
The Japanese measure™s 14-day relative strength index dropped to 33
today, near the 30 threshold that some traders view as a signal the
index has dropped too far.
Source : Bloomberg
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