Japan Stocks Fall as Investors Take Profits After 12-Day Rally

Japanese stocks fell for the first time in in 13 days as concerns the U.S. is inching closer to raising interest rates prompted investors to take profit on the Topix index’s longest rally since 2009.

Banks and rubber product-makers, two of the largest beneficiaries during the rally, were among the biggest decliners today. Bridgestone Corp. slumped 3.3 percent, while Mitsubishi UFJ Financial Group Inc. was the heaviest drag on the Topix index, dropping 2.3 percent. Japan Tobacco Inc. fell 1.8 percent after its Canadian subsidiary was ordered to pay C$2 billion ($1.6 billion) in lawsuits. NTT Docomo Inc. jumped 3.9 percent after the Nikkei newspaper reported the mobile carrier plans to boost shareholder returns through buybacks and cost reductions.