Japanese Stocks Record the Worst Month In More Than 3 Years
Aug, 31st 03:04
Japanese stocks fell, with the Topix index set to cap its biggest monthly loss in more than three years, as comments from Federal Reserve officials renewed speculation the U.S. may raise interest rates as soon as September.
The Topix slipped 0.8 percent to 1,537.78 at the break in Tokyo, heading for a 7.3 percent drop in August, the biggest such plunge since May 2012. The Nikkei 225 Stock Average fell 1.1 percent to 18,935.57, on course for a 8 percent monthly loss. The yen strengthened 0.4 percent to 121.22 per dollar, halting four days of declines. U.S. stock futures tumbled after Fed officials meeting in Jackson Hole, Wyoming, said inflation was likely to improve, dousing investor expectations that interest-rate hikes would be delayed until December.
Meanwhile Japan’s industrial production unexpectedly fell in July, sapping a rebound in the economy from a slump last quarter. Output declined 0.6 percent from June, worse than economists’ estimates of a 0.1 percent gain, a preliminary reading on Monday showed. That followed a 1.1 percent increase in June.