Japan Shares Fall on Developers; Tokyo Electron Poised to Surge
Sept. 25 (Bloomberg) -- Japanese stocks
fell, with the Topix index retreating for a second day, as developers
and steelmakers led losses among the gauge’s 33 groups. Tokyo Electron
Ltd. was poised to soar.
The Topix fell 0.5 percent to 1,208.94
as of 9:24 a.m. in Tokyo with about two stocks dropping for each that
gained. The Nikkei 225 Stock Average lost 0.2 percent to 14,700.18.
The Topix has advanced 9.8 percent in
September after falling for four months and was up 7.1 percent this
quarter through yesterday. The gauge has surged 41 percent for the year,
making Japanese equities the best performers among developed markets.
Futures on the Standard & Poor’s 500
Index slid 0.1 percent today. The measure fell 0.3 percent yesterday
amid concerns over budget talks aimed at avoiding a government shutdown
next week and as the Conference Board’s index of consumer confidence
slumped in September to a four-month low.
The Topix traded at 1.27 times book
value yesterday, compared with 2.50 for the S&P 500 and 1.76 for the
Stoxx Europe 600 Index. The Japanese measure’s 30-day historic
volatility was at 19.73 yesterday, compared with its five-year median of
19.42.
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