Japan Stocks Drop as China Signals Reluctance on Europe Bailout
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Japanese stocks dropped after Premier Wen Jiabao said indebted economies must “put their own houses in order,” damping speculation China would rescue Europe from a crisis that has sent global financial markets plunging.
Canon Inc., which depends on Europe for about a third of its sales, sank 4.1 percent. Mitsubishi UFJ Financial Group Inc., Japan’s largest publicly traded lender, fell 1.8 percent. Sharp Corp. climbed 3.3 percent after JPMorgan Chase & Co. raised the electronics maker’s investment rating to “neutral.”