Japanese Shares Fall as Stronger Yen Weighs on Exporters
Honda Motor Co., which gets more than 80 percent of sales outside Japan, lost 0.3 percent. Tokyo Electric Power Co. slid 3.7 percent after a report contaminated water has leaked into the ocean from its Fukushima nuclear plant. Nippon Steel & Sumitomo Metal Corp. led steelmakers higher after the Nikkei newspaper reported Toyota Motor Corp. agreed to a 10 percent price increase for its steel sheets. Sumitomo Metal Mining Co., which counts gold as a primary product, jumped 3.8 percent after bullion prices gained the most in more than a year.
The Topix lost 0.2 percent to 1,214.11 as of 9:20 a.m. in Tokyo, with two stocks falling for each that rose. The Nikkei 225 Stock Average declined 0.3 percent to 14,621.62.
The Topix traded at 1.31 times book value yesterday, compared with 2.49 for the S&P 500 and 1.69 for the Stoxx Europe 600 Index. The gauge’s 30-day historic volatility was at 25.68 today, retreating from its July 2 high of 43.22.
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