Japan Stocks Drop on Speculation Shares Rose Too Far, Too Fast
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Japanese stocks dropped, with the Nikkei 225 Stock Average retreating from a six-month high, on speculation the market had advanced too quickly even after European leaders agreed to a second Greek bailout.
JFE Holdings Inc. led steelmakers lower after jumping 8.4 percent yesterday. Nintendo Co., a maker of video-game consoles that gets 34 percent of its sales in Europe, slid 1.6 percent. Mazda Motor Corp., Japan’s least profitable major automaker, slumped 9.9 percent on a report it plans to raise capital. Airlines and shipping stocks fell as oil traded near a nine-month high.