Japanese stocks fell
as weaker U.S. economic data sent the dollar lower against the yen,
damping the earnings outlook for exporters.
The Topix index
dropped 0.4 percent to 1,668.33 as of 9:01 a.m. in Tokyo, falling for a
second day after a 12-day rally. The Nikkei 225 Stock Average lost 0.5x
percent to 20,432.99. The yen traded at 124.06 per dollar after
yesterday strengthening 0.5 percent, snapping seven days of declines
that had pushed the Japanese currency to the lowest level since 2002.
Disappointing U.S. factory data coupled with signs of progress over
Greece’s debt crisis, which sent the euro soaring, compounded losses
yesterday for the greenback.
U.S. factory orders in
April fell 0.4 percent, compared with the 0.1 percent drop estimated by
economists. It was the eighth contraction in nine months.
The euro surged the
most in 10 weeks against the dollar as Greece’s creditors were said to
be wrapping up a plan to break a deadlock for the disbursement of
additional funds, ending months of acrimonious negotiations with
creditors and lessening the threat of default.
E-mini futures on the
Standard & Poor’s 500 Index added less than 0.1 percent after the
underlying measure slipped 0.1 percent on Tuesday in New York.
Source : Bloomberg
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