Japanese stocks fell
for a second day, following global equities lower, as investors shunned
risk assets amid the biggest two-day drop in oil prices in almost seven
years.
The Topix index
dropped 1.6 percent to 1,429.06 as of 9:02 a.m. in Tokyo, as investor
jitters about the pace of global economic growth stymied a short-lived
rally after the Bank of Japan’s surprise decision on Friday to boost
stimulus. All of the 33 Topix industry groups fell. The Nikkei 225 Stock
Average lost 1.4 percent to 17,498.25. The yen traded at 119.89 per
dollar after strengthening for 0.9 percent on Tuesday.
Commodity stocks led
losses after crude oil capped an 11 percent plunge over two days on
Tuesday in New York. It is falling again Wednesday. The Topix Mining
Index, which includes energy explorers such as Inpex Corp., slumped 14
percent this year through Tuesday, tracking the rout in crude prices.
Source : Bloomberg
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