Japanese stocks fell as surging bond yields stoked concern a bailout of Spain’s banks won’t ease Europe’s debt crisis. Shares pared losses as the yen halted gains after the International Monetary Fund said the currency is overvalued and urged further monetary easing.
Nippon Sheet Glass Co., which gets 39 percent of its sales in Europe, lost 3.6 percent after sliding as much as 6 percent. Mitsubishi UFJ Financial Group Inc., Japan’s largest-listed lender, led banks lower. JFE Holdings Inc. paced losses among steelmakers after China’s Baoshan Iron & Steel Co. cut prices amid slumping demand. Nissei Build Kogyo Co. surged 9.8 percent after the homebuilder announced a share buyback.