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