Tokyo: Stocks fall for 2nd day as yen gains after US data

[TOKYO] Japanese stocks fell as weaker US economic data sent the dollar lower against the yen, damping the earnings outlook for exporters.

The Topix index dropped 0.4 per cent to 1,668.33 as of 9.01 am in Tokyo, falling for a second day after a 12-day rally. The Nikkei 225 Stock Average lost 0.5 per cent to 20,432.99.

The yen traded at 124.06 per dollar after Tuesday strengthening 0.5 per cent, snapping seven days of declines that had pushed the Japanese currency to the lowest level since 2002. Disappointing US factory data coupled with signs of progress over Greece's debt crisis, which sent the euro soaring, compounded losses yesterday for the greenback.

BLOOMBERG