Japan Stocks Fall as U.S. Manufacturing, Hiring Slow, Yen Rises
May 2 (Bloomberg) -- Japanese stocks fell, with the Topix Index heading for the first back-to-back decline in two weeks, after reports showed U.S. manufacturing and hiring slowed and as the yen rose, weighing on the earnings outlook for exporters in the Asian nation.
Komatsu Ltd. (6301), a construction machinery maker that gets 30 percent of its sales in the Americas, dropped 2.5 percent. Toyota Motor Corp. (7203), the world’s biggest carmaker, slid 1.4 percent after its U.S. sales missed estimates in April. Takeda Pharmaceutical Co. added 1.9 percent after a judge threw out a $6.5 million jury verdict against Asia’s biggest drugmaker over its Actos diabetes treatment.
The Topix slid 0.6 percent to 1,151.57 at 9:20 a.m. in Tokyo with about two stocks dropping for each that rose. The Nikkei 225 Stock Average (NKY) dropped 0.5 percent to 13,730.93. Japanese markets will be closed tomorrow and on May 6 for public holidays.
To contact the editor responsible for this story: Nick Gentle at email@example.com.