Japan��s Topix index fell from a five-week high as disappointing earnings and a stronger yen overshadowed a report showing economic growth topped estimates.
The Topix sank 1.3 percent to 1,167.35 as of 9:31 a.m. in Tokyo, with all but two of the 33 industry groups dropping. The measure yesterday climbed to its highest close since April 7. The Nikkei 225 decreased 1.4 percent today to 14,209.72. The yen gained 0.1 percent to 101.79 per dollar today after strengthening 0.4 percent yesterday.
Japan��s economy grew at the fastest pace since 2011 in the three months ended March as consumers splurged before the first sales-tax rise in 17 years last month. Gross domestic product climbed an annualized 5.9 percent from the previous quarter, the Cabinet Office said today in Tokyo. Economists surveyed by Bloomberg had expected a 4.2 percent advance. GDP is projected to contract in the second-quarter due to the higher levy.
Futures on the Standard & Poor��s 500 Index slipped 0.1 percent. The equity measure sank 0.5 percent yesterday, retreating from a record as investors resumed selling of small-cap and Internet shares.
Source : Bloomberg