Japanese
stocks fell from the highest level in 11 weeks, tracking declines in
global equities, as investors weighed profit reports at companies from
Bridgestone Corp. to Japan Display Inc. and the OECD trimmed its global
economic forecasts.
The
Topix index declined 0.9 percent to 1,576.37 as of 9:01 a.m. in Tokyo,
after a four-day 4.2 percent advance. The Standard & Poor’s 500
Index sank the most in more than a month on Monday as investors globally
continue to adjust to the increased likelihood of higher U.S. interest
rates this year while the Bank of Japan stands pat on already
unprecedented monetary easing.
Bridgestone
cut its profit forecast and Japan Display reported an earnings forecast
below analyst estimates. Some 51 percent of companies that have
reported results this earnings season and for which estimates are
available have topped estimates, according to data compiled by
Bloomberg.
The Nikkei 225 Stock Average dropped 0.9 percent to 19,464.81.
World
output will expand 2.9 percent in 2015 and 3.3 percent in 2016, down
from the 3 percent and 3.6 percent predicted in September, the
Organization for Economic Cooperation and Development said in a
semi-annual report published Monday.
Source : Bloomberg
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