TOKYO: Japanese stocks dropped, with the Nikkei 225 Stock Average heading for its first drop in three days, as a report showed exports rose less than estimated and Fitch Ratings cut the nation’s foreign-currency rating.
Kyocera Corp., an electronic components maker that derives more than half of its sales outside Japan, lost 1.3%. Mitsubishi Estate Co., Japan’s top developer by market value, sank 2.9%. JGC Corp. gained 2% on a report the plant builder will invest about 30 billion yen ($375 million) in an Indonesia coal plant.
The Nikkei 225 lost 1.1% to 8,635.76 as of 9:28 a.m. in Tokyo, with volume 15% above the 30-day average. The broader Topix slid 0.9% to 726.57, with more than three shares dropping for each that gained.
The Topix has plunged 17% from this year’s high on March 27 as China’s economic growth slowed and on renewed concern about Europe’s debt crisis. The political gridlocks in Greece after an inconclusive election this month reignited concern the nation will renege on austerity pledges required for 240 billion euros ($304 billion) in aid and exit the euro. (Bloomberg/T07)
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