Economics
Most Japan Shares Drop as Topix Index Retreats From 11-Week High
- Paper makers decline, while banks and drug stocks advance
- 51% of Topix companies this earnings season beat estimates
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An afternoon rally in Japanese stocks couldn’t stop the Topix index retreating from an 11-week high after the OECD trimmed its global economic growth forecasts. Paper makers led losses, while banks and pharmaceutical shares advanced.
The Topix declined 0.1 percent to 1,589.48 at the close in Tokyo, after falling as much as 1 percent in the morning session. It had risen 4.2 percent the previous four days. Banks propelled the afternoon rebound as regional lenders climbed on earnings reports and Japan Post Bank Co. climbed as Reuters reported the government is considering raising the deposit limit on saving accounts. About five stocks fell for every three that advanced on the Topix.