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 yesterda