TOKYO: Japanese stocks declined after the nation reported a wider-than-expected trade deficit in July as Europe’s debt crisis damped demand. Trade volume was low ahead of a euro-area finance ministers meeting this week to discuss a bailout package for Greece.
Kyocera Corp., an electronics maker that gets almost 20% of its sales in Europe, lost 1.2%. Nippon Steel Corp. paced declines in the sector after iron-ore prices fell to a 32-month low amid falling demand from China. Inpex Corp., Japan’s top oil explorer by market value, rose after agreeing to acquire a stake in an oil block in Angola.
The Nikkei 225 Stock Average fell 0.5% to 9,112.85 as of 9:35 a.m. in Tokyo. Volume on the gauge was more than 20% below the 30-day average as investors await developments from a euro-area finance ministers meeting. The broader Topix Index lost 0.4% to 762.53, with more than twice as many shares declining as advancing. (Bloomberg/aph)
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