Japanese shares fell, with the Topix (TPX) index heading for its longest losing streak since July 2012, as the yen held near its strongest level in a month against the dollar amid growing concern about the U.S. political impasse.
Sony Corp., an electronics maker that gets almost 70 percent of sales overseas, fell 2.3 percent. GS Yuasa Corp. slumped 7.1 percent after Mitsubishi UFJ Morgan Stanley Securities Co. downgraded the battery manufacturer. Trend Micro Inc. jumped 3.7 percent after Daiwa Securities Group Inc. upgraded the anti-virus software maker.
The Topix lost 1.2 percent to 1,160.70 as of 9:43 a.m. in Tokyo. The measure is poised for a 4.7 percent decline this week. The Nikkei 225 Stock Average slipped 1 percent to 14,011.73. Investors are concerned the deadlock over the U.S. government shutdown will impede negotiations over raising the debt limit. Data yesterday showed U.S. service industries missed estimates.
“Until the debt-ceiling issue has been sorted, investor concern isn’t going to disappear,” said Tamiji Shinada, Tokyo-based executive director of investment research at Nomura Securities Co., Japan’s biggest brokerage. “Weakening U.S. economic data is also negative as investors are very sensitive to this right now. That said, shares have been falling for a while recently and investors may buy to adjust their holdings at the end of the week.”
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