Nikkei Falls and USD/JPY Drops Below 98

Japanese shares fell, with the Topix (TPX) index retreating for a second day, as the yen climbed. Sony Corp. (6758) tumbled after rejecting a call to sell part of its entertainment business.

Sony slid 5.5 percent after its board turned down activist investor Daniel Loeb’s proposal, saying full ownership of its film and music business is crucial to success. Clothing retailer United Arrows Ltd. plunged after profit dropped. Energy explorers and consumer lenders fell the most among the Topix’s 33 industry groups. Water-heater maker Noritz Corp. jumped 8.3 percent after earnings climbed.

The Topix lost 1.1 percent to 1,171.67 at the break in Tokyo, with all but two subsectors falling. Volume was about 24 percent below the 30-day intraday average. The Nikkei 225 Stock Average dropped 1.4 percent to 14,064.16.


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