Japanese stocks fell
for a third day after the dollar continued to tumble against the yen yen
as investors became more certain the Federal Reserve will hold off on
raising U.S. interest rates. Electrical appliance makers and shippers
led losses.
The Topix index
dropped 0.4 percent to 1,465.28 as of 9:01 a.m. in Tokyo, with three
shares falling for every two that rose. The Nikkei 225 Stock Average
declined 0.6 percent to 17,783.02. The yen traded near a seven-week high
of at 118.72 per dollar after strengthening for the past three days,
reducing the outlook for overseas earnings by Japanese exporters.
E-mini futures on the
Standard & Poor’s 500 Index added 0.2 percent after the underlying
gauge fell 0.5 percent on Wednesday, marking its first back-to-back
declines in more than two weeks. Investors are anxious about corporate
profits as Wal-Mart Stores Inc. predicted earnings will decline next
year and quarterly results from JPMorgan Chase & Co. disappointed.
The odds that a U.S.
rate increase will be delayed until at least 2016 climbed to the highest
this year. Traders’ bets that the Fed will lift its benchmark by
year-end have dropped to less than a 30 percent chance, and aren’t much
higher for January. For March, the probability has tumbled to about 49
percent, from 66 percent at the start of the month.
Source: Bloomberg
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