Japan Stocks Fall as Yen Rallies

Japanese stocks fell as a stronger yen sent exporters lower, while tiremakers and airlines dropped after oil prices climbed to a one-month high.

Toyota Motor Corp., which gets more than 75 percent of revenue abroad, declined 1.4 percent, the biggest drag on the Topix index. Bridgestone Corp. tumbled 3.3 percent as higher crude prices threatened to increase costs for tiremakers. Japan Airlines Ltd. slumped 5.2 percent. Inpex Corp., Japan’s biggest oil explorer, jumped 6.9 percent.

The Topix fell 1.2 percent to 1,392.39 at the close in Tokyo, with all but five of its 33 industry groups retreating. The Nikkei 225 Stock Average lost 1.3 percent to 17,335.85. Crude extended gains after jumping 2.8 percent yesterday. The yen strengthened 0.5 percent to 117.03 per dollar today after the Reserve Bank of Australia cut interest rates.

Bloomberg

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