Japanese stocks fell from the highest level in 11 weeks, tracking declines in global equities, as investors weighed profit reports at companies from Bridgestone Corp. to Japan Display Inc. and the OECD trimmed its global economic forecasts.
The Topix index declined 0.9 percent to 1,576.37 as of 9:01 a.m. in Tokyo, after a four-day 4.2 percent advance. The Standard & Poor’s 500 Index sank the most in more than a month on Monday as investors globally continue to adjust to the increased likelihood of higher U.S. interest rates this year while the Bank of Japan stands pat on already unprecedented monetary easing.
Bridgestone cut its profit forecast and Japan Display reported an earnings forecast below analyst estimates. Some 51 percent of companies that have reported results this earnings season and for which estimates are available have topped estimates, according to data compiled by Bloomberg.
The Nikkei 225 Stock Average dropped 0.9 percent to 19,464.81.
World output will expand 2.9 percent in 2015 and 3.3 percent in 2016, down from the 3 percent and 3.6 percent predicted in September, the Organization for Economic Cooperation and Development said in a semi-annual report published Monday.
Source : Bloomberg