Japanese stocks fell after oil prices dropped to a five-year low and the yen capped a three-day rally yesterday, driving down energy shares and exporters.
Oil explorer Inpex Corp. and energy services provider JGC Corp. both slipped 1.9 percent. Toyota Motor Corp., the world’s biggest carmaker, dropped 0.9 percent. Banking stocks fell, with Mitsubishi UFJ Financial Group Inc., the nation’s largest lender by assets, declining 1.7 percent. Mixi Inc. rose 1 percent after announcing it will release its flagship smartphone game Monster Strike in China today.
The Topix index declined 0.7 percent to 1,396.74 as of 10:49 a.m. in Tokyo, headed for a third day of losses, with all but two of its 33 industry groups dropping. The Nikkei 225 Stock Average dropped 0.8 percent to 17,278.66. The yen weakened 0.4 percent to 117.27 per dollar after jumping 1.6 percent yesterday to cap its biggest three-day rally since June 2013. West Texas Intermediate tumbled 4.5 percent yesterday to $60.94 a barrel.