Japanese stocks fell for the first time in three days, led by energy companies as crude oil resumed its rout amid concern that China’s economy is slowing.
The Topix lost 0.9 percent to 1,449.93 as of 9:02 a.m. in Tokyo, halting a rally of more than 5 percent over the previous two days after the Bank of Japan boosted stimulus. All but two of its 33 industry groups declined. The Nikkei 225 Stock Average slipped 0.7 percent to 17,743.13. The yen traded at 120.90 per dollar.
Mitsubishi UFJ Financial Group Inc. dropped 1.4 percent, taking its loss this year to 25 percent, after reporting late Monday that third-quarter profit fell 27 percent. The result came after two days of declines in bank shares following the BOJ’s surprise decision Friday to start charging lenders 0.1 percent for some of their deposits, a move that may crimp earnings. The Topix Banks Index was down 21 percent this year through Monday’s close.
Source : Bloomberg