Japanese Stocks Retreat on Commodity Prices, Yen; Inpex Drops
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Japanese stocks fell as concern China’s interest rate increase will slow growth dragged down commodity prices and after the yen advanced, damping the outlook for export earnings. Trading was the lightest in two years.
Inpex Corp., Japan’s No. 1 oil explorer, retreated 1.7 percent. Mitsubishi Corp., Japan’s largest commodities trader, sank 0.6 percent. Tokyo Electron Ltd., a maker of semiconductor equipment that derives more than 60 percent of its revenue abroad, retreated 1 percent. Mizuho Financial Group Inc., Japan’s third-largest bank by market value, climbed 1.3 percent after its chief executive officer said the lender will exceed capital requirements.