Japanese Stocks Fall as Yen Strengthens After U.S. Payrolls Data

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Japanese stocks fell, after capping three weeks of gains, as the yen rose and a report showed U.S. companies hired fewer workers than forecast.

The Topix dropped 0.4 percent to 1,357.99 as of 9:01 a.m. in Tokyo after gaining 2.3 percent last week. All but six of the 33 industry groups declined. The Nikkei 225 Stock Average slid 0.6 percent to 16,781.18. The yen traded at 114.51 per dollar after rising 0.5 percent on Nov. 7.

The Topix has gained 6.6 percent since Oct. 31 when the Bank of Japan expanded stimulus and the nations pension fund said it will boost its stock holdings. The Topixs 14-day Relative Strength Index stood at 67 on Nov. 7, according to data compiled by Bloomberg, near the 70 threshold some traders say indicates that shares have risen too fast.

Of the companies on the Topix that released quarterly results from Oct. 1 through last week and for which Bloomberg had estimates, 64 percent beat expectations for profit.

Source : Bloomberg