Japanese stocks fell, after the Topix (TPX) index capped a fourth weekly advance, as the yen gained amid escalating violence in Iraq.
A gauge tracking shipping lines dropped the most as all 33 Topix industry groups retreated. Kobe Bussan Co. slumped 4.3 percent after the supermarket operator’s first-half net income plunged. Tokyo Electron Ltd., a maker of semiconductor-manufacturing machines, gained 2.3 percent after industry bellwether Intel Corp. soared on an improved sales forecast.
The Topix slid 0.8 percent to 1,233.76 as of 2:17 p.m. in Tokyo after rising 0.8 percent last week. The Nikkei 225 Stock Average sank 1.2 percent to 14,915.29. The yen rose 0.3 percent to 101.77 per dollar. Prime Minister Shinzo Abe said June 13 he aims to start cutting company taxes in 2015 and bring the rate under 30 percent in a few years.
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