Japan Stocks Slide After Three-Day Holiday as Carmakers Decline
- Carmakers and parts suppliers tumble amid VW emissions scandal
- Investors awaiting Yellen speech in Massachusetts Thursday
Japan’s stocks fell after a three-day holiday as shares caught up to overseas losses amid concern about the outlook for global growth. Carmakers and parts suppliers slumped in the wake of Volkswagen AG’s emissions-cheating scandal.
Mazda Motor Corp. sank 6.8 percent and NGK Insulators Ltd., which counts Volkswagen as a customer, plunged 7 percent. SoftBank Group Corp. was the biggest drag on the Topix index after its largest investment, Alibaba Group Holding Ltd., slumped to the lowest since an initial share sale last year. Sharp Corp. tumbled 5.5 percent after a person familiar with the matter said the supplier of displays to Apple Inc. will miss its first-half profit forecast. Komatsu Ltd. slid 5.8 percent after Goldman Sachs Group Inc. cut its rating on the construction-machinery maker.