Japanese stocks fell, with the Topix index headed for its biggest loss in three weeks, as investors looking for safe-haven assets drove the yen and gold higher. Exporters and brokerages led declines.
Toyota Motor Corp., the world’s No. 1 carmaker by market value, slid 2.5 percent to be the biggest drag on the Topix. (TPX) Nomura Holdings Inc., the nation’s largest brokerage, dropped 2.1 percent. Skymark Airlines surged 8.7 percent after ANA Holdings Inc. said it would consider forming a code-sharing alliance with the troubled budget carrier.
The Topix declined 1.5 percent to 1,414.14 at the trading break in Tokyo, heading for a second day of declines and its biggest loss since Nov. 17. Three stocks fell for every one that rose. The Nikkei 225 Stock Average dropped 1.6 percent to 17,530.39. The yen traded at 119.48 per dollar after staging its steepest intraday rally since June 2013 yesterday before paring gains to finish 0.8 percent higher.