Japanese stocks fell, with the Topix index dropping from the highest close in more than four months, as the yen maintained gains and technical indicators signaled to some investors the market is overbought.
The Topix lost 0.3 percent to 1,235.37 at the break in Tokyo after closing yesterday at the highest since Jan. 29. The 25-day Toraku Index, which compares the numbers of advancing and declining stocks on the Topix, reached 133 yesterday. A level above 120 indicates to some investors that shares have climbed too far, too fast. The Topix rose on 13 of the previous 15 days.
The Nikkei 225 slid 0.8 percent to 14,952.77. The yen was little changed at 102.07 per dollar after rising 0.5 percent the past two days.
Source : Bloomberg