Japan Stocks Decline as U.S. Data Stoke Slowdown Concern


22/06/2012 03:49 AST  Bloomberg

Japanese stocks snapped a two-day rally, with shippers and brokerages leading the decline as disappointing U.S. housing and jobs data stoked concern the global economy is slowing.

Mazda Motor Corp. (7261), an automaker that gets 27 percent of its sales in North America, dropped 1 percent. Mitsui & Co. (8031) led trading companies lower as commodities entered a bear market. Mitsubishi UFJ Financial Group Inc. (8306), Japan’s biggest lender, lost 1.1 percent after 15 global banks were downgraded by Moody’s Investors Service. Olympus Corp. (7733) gained 2.6 percent on a report Sony Corp. (6758) is in final stages of talks to invest in the scandal-hit optics maker.

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