Japan Stocks Fall on Greece Exit Concern, Stronger Yen

31/05/2012 06:27 AST

Japan stocks fell, with the Nikkei 225 (NKY) Stock Average set for its biggest monthly drop in two years, as concern mounted on Greece’s possible exit from the euro and the yen extended gains, dimming the outlook for exporters.

Canon Inc. (7751), a camera maker that gets 31 percent of its revenue in Europe, fell 4.4 percent. Hitachi Construction Machinery Co. (6305) dropped 4 percent on a report that Japan’s industrial output rose less than expected. Kansai Electric Power Co., Japan’s second-biggest power utility, gained 2.9 percent on a report that government may approve the restart of two of the company’s nuclear reactors next week.

The Nikkei 225 fell 1.8 percent to 8,474.57 as of the 11:30 a.m. trading break in Tokyo, heading for an 11 percent decline this month, the biggest monthly decline since May 2010. The broader Topix index slid 1.4 percent to 713.70, poised for a 1.2 percent retreat this week. The measure is headed for a nine-week loss, the longest such streak since September 1975.

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