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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 [1]

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