Japanese stocks fell, paring the best weekly advance in six years, after the yen strengthened against the dollar, denting the earnings outlook for exporters.

The Topix index dropped 1 percent to 1,297.83 as of 9:01 a.m. in Tokyo. The measure is heading for a 8.4 percent gain since Feb. 12, when it closed at a 15-month low. The Nikkei 225 Stock Average lost 1.1 percent to 16,023.07 as the yen traded at 113.28 per dollar after jumping 0.8 percent Thursday. U.S. stocks fell following the strongest three-day rally in almost six months for the Standard & Poor’s 500 Index.

All but one of the 33 Topix industry groups declined, led by brokerages and glass makers. The Topix Banks Index has jumped this week, heading for a 9.9 increase, the biggest since May 2009. The banks index had plunged 28 percent between Jan. 29, when the Bank of Japan introduced negative interest rates, and the end of last week.

E-mini futures on the S&P 500 were little changed after the underlying measure slipped 0.5 percent on Thursday. The highest American oil inventories in 86 years sent crude below $31 a barrel, fueling demand for haven assets from Treasuries to gold.

Source: Bloomberg