Japanese stocks fell, with the Topix index headed for its first weekly decline in three weeks, after the European Central Bank’s decision to boost stimulus disappointed investors.

The Topix lost 1.2 percent to 1,336.17 at 9:01 a.m. in Tokyo, with about six shares declining for each that rose. The gauge is headed for a 2.8 percent drop this week after jumping 15 percent over the previous three weeks. The Nikkei 225 Stock Average declined 1.4 percent to 16,624.69 on Friday. Stocks in Europe dropped after the central bank’s move to bring borrowing costs to record lows, expand asset purchases and offer a borrowing subsidy to lenders failed to ignite equity gains.

The Stoxx Europe 600 Index lost 1.7 percent on Thursday as investors looked past the EBC stimulus measures and instead focused on concern monetary policy makers have lost their potency when it comes to righting the global economy.

Source: Bloomberg