Japan: Shares dip from 6-week high after holiday

[TOKYO] Japanese stocks fell, with the Topix index retreating from a six-week high, as trading resumed after a holiday. Energy-related shares led losses after crude oil plunged.

The Topix dropped 0.5 per cent to 1,507.81 as of 9.02 am in Tokyo, with three shares falling for every two that rose. The Nikkei 225 Stock Average declined 0.6 per cent to 18,335.29. Both gauges last week posted their biggest weekly gain since July. The yen traded at 120.04 per dollar after strengthening 0.2 per cent on Monday.

"The external environment isn't bad, but Japanese stocks have climbed from a big sell-off - it's time they took a rest," said Toshihiko Matsuno, chief strategist at SMBC Friend Securities Co. in Tokyo.

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