Japan Stocks Lower as Yen Rises

Japanese stocks halted their longest winning streak since August as exporters declined on a stronger yen and oil’s drop to a five-year low dragged energy shares.

Japan Drilling Co. sank 4.6 percent. Energy services stocks JGC Corp. and Chiyoda Corp. retreated more than 2 percent as ConocoPhillips announced a 20 percent cut in expenditures for next year. Sony Corp. fell 3.8 percent as hackers escalated demands to stop the release of a movie critical of North Korea. Dentsu Inc. rose 2 percent after Mitsubishi UFJ Morgan Stanley Inc. increased its price target for the advertising agency

The Topix (TPX) index declined 0.7 percent to 1,437.76 as of 12:50 p.m. in Tokyo, falling from a seven-year high and headed for its first loss in December. All but one of the gauge’s 33 industry groups fell. The Nikkei 225 Stock Average lost 0.7 percent to 17,811.17. The yen rose 0.4 percent to 120.25 per dollar after rallying the most since Oct. 15 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.