Japan
stocks fell, with the Topix index halting its longest winning streak
since June, as strong U.S. data bolstered the case for raising interest
rates.
The
Topix dropped 0.2 percent to 1,655.90 as of 9:05 a.m. in Tokyo, heading
for its first decline in nine days. The Nikkei 225 Stock Average
retreated 0.3 percent to 20,394.36. The yen traded at 123.08 per dollar
after yesterday falling 1.3 percent to its weakest since July 2007. The
MSCI World Index lost the most since March 10, with concern Greece’s
debt crisis could spread across Europe also weighing on shares.
Better-than-estimated
capital goods orders and new-home sales came after Federal Reserve
Chair Janet Yellen indicated the central bank will raise rates this year
if the economy improves as she expects. Fed Bank of Cleveland President
Loretta Mester echoed her comments on Monday, saying the U.S. economy
is close to the point where it can support higher borrowing costs.
Greece’s
government continued negotiating for a bailout ahead of an
International Monetary Fund payment due next month. The nation’s finance
minister, Yanis Varoufakis, blamed insistence on more austerity for the
lack of a deal that would release the funds. Spanish bonds slumped
after the anti-austerity party made advances in local elections across
the country.
Source: Bloomberg
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