Japanese stocks fell, after posting the biggest weekly gain in six years, as banks and commodities shares slipped while the yen strengthened.
The Topix index declined 1 percent to 1,278.96 as of 9:05 a.m. in Tokyo, following last week’s advance of 8 percent, its best weekly rally since 2009. The Nikkei 225 Stock Average lost 0.9 percent to 15,816.83. The yen traded at 122.54 per dollar, close to its strongest level in a week. The greenback fell even as data on Friday showed U.S. consumer prices in January rose the most in four years.
Despite last week’s gain, the recent rally has recouped less than a third of this year’s losses. The gauge is still down 17 percent for 2016. With equities tumbling across the global this year, sending the Topix to a 15-month low on Feb. 12, the yen has been seen as a haven. Investors have sent the currency up almost 7 percent this year.