Honda Motor Co., a carmaker that gets 44 percent of its revenue in North America, dropped 3.6 percent. Mitsubishi UFJ Financial Group Inc. (8306), Japan’s largest lender, dropped 2.3 percent after banks fell in the U.S. Fast Retailing Co., Asia’s biggest apparel chain, contributed the most to losses in the Nikkei 225 (NKY) Stock Average after it said sales in Japan fell.
The Nikkei 225 Stock Average fell 1.7 percent to 8,797.89 as of the 11 a.m. trading break in Tokyo, heading for the biggest drop since Aug. 19. The broader Topix index dropped 1.6 percent to 757.21.
“Jobs related to personal spending have been lost, showing U.S. domestic demand is very weak,” said Masaru Hamasaki, who helps oversee the equivalent of $24 billion as chief strategist at Toyota Asset Management Co. in Tokyo. “Stocks are falling broadly, especially export-related equities.”
Futures on the Standard & Poor’s 500 Index declined 0.6 percent today. In New York, the index fell 2.5 percent to 1,173.97 on Sept. 2 after a report showed U.S. payrolls were unchanged in August, the weakest reading since September 2010. The median forecast in a Bloomberg News survey called for an increase of 68,000. U.S. markets will be closed today for a public holiday.
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