Nikkei 225 Enters Correction, Falls 10% From Dec. 30 High
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Japanese shares fell, with the Nikkei 225 Stock Average entering a correction, as investors weighed corporate earnings and slowing Chinese manufacturing growth increased concern the global economic recovery is faltering.
Hokkaido Electric Power Co. led a decline by utilities after forecasting a 77 billion yen ($754 million) net loss. Daiwa Securities Group Inc., Japan’s second-largest brokerage, lost 4.9 percent even after its third-quarter profit tripled. NGK Insulators Ltd. jumped 12 percent on raising its operating-income outlook by 24 percent.