Japanese stocks fell for the first time in three days as engineers struggled to connect power to a crippled nuclear reactor and Tokyo officials advised against giving tap water to infants after finding traces of radioactive iodine.
Tokyo Electric Power Co. is in talks with banks to borrow as much as 2 trillion yen ($26 billion) to help stave off bankruptcy as it compensates survivors of the Fukushima nuclear disaster and decommissions reactors, according to two people with knowledge of the talks.
Asian stocks rose this week, sending the benchmark index to its biggest advance in three weeks, amid optimism U.S. lawmakers would make a deal to raise the nation’s borrowing cap and avert a default. Japanese shares advanced as the yen weakened.
Olympus Corp.’s former president Michael C. Woodford pledged to work with the Japanese camera maker’s board to try and avoid delisting after three executives implicated in a scheme to hide losses resigned.
Japanese stocks declined after the nation’s credit rating was cut for the first time in nine years by Standard & Poor’s, as persistent deflation and political gridlock undermine efforts to reduce the nation’s debt burden .