BLBG: Nikkei 225 Declines Most in Two Months on U.S. Jobs, China, Yen
April 16 (Bloomberg) -- Japanese stocks fell, dragging down the Nikkei 225 Stock Average by the most in almost two months, as U.S. jobless claims unexpectedly increased and China announced measures to cool its real-estate market.
Sony Corp., an electronics maker that earns 23 percent of sales in the U.S., fell 1.8 percent. Komatsu Ltd., a maker of construction machinery that counts China as its fastest-growing market, lost 1.3 percent after the country raised down-payment ratios for some homes. Mitsui & Co., a trading company for whom commodities as its main source of profit, declined 1.5 percent.
“There are some concerns about China overheating,” said Hiroshi Morikawa, a senior strategist at MU Investments Co., which manages about $13.5 billion in Tokyo. “People’s expectations for U.S. employment have been too high.”
The Nikkei 225 Stock Average fell 1.5 percent to 11,102.18 at the close of trading in Tokyo, its biggest drop since Feb. 19. The broader Topix index lost 1 percent to 988.84, with almost four times as many stocks declining as advancing.
To contact the reporters for this story: Norie Kuboyama in Tokyo at nkuboyama@bloomberg.net.