By Masaki Kondo Nov. 12 (Bloomberg) -- Japanese stocks fell for a second day after prices for crude oil and copper dropped, signaling a deeper slump in the global economy. Inpex Corp., Japan's largest oil explorer, dropped 5.4 percent after cutting its profit estimate on the tumble in crude. Mitsubishi Corp., which gets more than half its profit from commodities, sank 8.1 percent. Sumitomo Rubber Industries Ltd. climbed 4.8 percent as oil fell below $60, lowering costs. Mobile carrier Softbank Corp. soared 16 percent after Chinese affiliate Alibaba.com Ltd. reported a surge in third-quarter profit. The Nikkei 225 Stock Average lost 113.79, or 1.3 percent, to close at 8695.51 in Tokyo. The broader Topix index fell 14.13, or 1.6 percent, to 875.23, as more than two shares slumped for each that rose. With a 40 percent drop in the Topix so far this year, almost three-quarters of its stocks trade at below book value. ``If falling commodity prices fail to stimulate demand, resource-dependent companies can't avoid a drop in earnings,'' said Hisakazu Amano, head of fund management at T&D Asset Management Co., which oversees about $39 billion. ``Investors are waiting for a sign of recovery in the global economy.'' A Topix gauge of mining companies outperformed the broader index this year as crude marched toward a record $147.27 on July 11. Since then, the industry group has fallen by more than half. A $1 price drop for a barrel of crude cuts Inpex's annual profit by 2.2 billion yen ($23 million), the company said in May. Crude for December delivery closed at $59.33 a barrel in New York yesterday, the lowest settlement since March 2007, on speculation the International Energy Agency will lower its 2009 demand forecast. Copper futures sank 5.9 percent to the lowest level since September 2005. Nikkei futures expiring in December dipped 1 percent to 8,690 in Osaka and Singapore. To contact the reporter for this story: Masaki Kondo in Tokyo at mkondo3@bloomberg.net.

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