IMF Forecast Hits Japan Shares and Yen

Japanese shares fell for a second day after the yen gained amid demand for haven assets as the International Monetary Fund cut its outlook for global growth.

Inpex Corp. declined 2.6 percent, leading a gauge of commodity producers to the steepest retreat among 33 industry groups on the Topix (TPX) index. Toyota Motor Corp., a carmaker that gets three-quarters of its sales outside Japan, sank 2 percent. Toho Co. surged 4.7 percent after the movie distributor raised its profit forecast.

The Topix index lost 1.4 percent to 1,273.50 as of 1:05 p.m. in Tokyo, with four stocks falling for each that rose. The gauge has dropped about 5.5 percent from a six-year high reached last month. The Nikkei 225 Stock Average declined 1.4 percent to 15,569.20 today. The yen traded at 108.33 per dollar after rising 0.7 percent yesterday.

Bloomberg

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.