Sumitomo Mitsui News
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The euro rose against the yen, paring a weekly decline, before German data that may show business confidence bottomed out after a two-month decline.
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Japan’s Topix index tumbled almost 7 percent, the most since the aftermath of the March 2011 tsunami and nuclear disaster, as financial firms slid amid rising bond yields. Nikkei 225 Stock Average futures traded in Osaka and Singapore fell in after-hours trade, signaling further declines.
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Japanese government bonds fell, with 10-year rates touching 1 percent for the first time in a year, on speculation the Federal Reserve will curb stimulus and the Bank of Japan will tolerate an increase in yields.
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DBS Group Holdings Ltd. got approval from Indonesia’s central bank to acquire a $2.75 billion stake in PT Bank Danamon Indonesia, giving Southeast Asia’s largest lender less control than it had sought.
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Bank of Japan Governor Haruhiko Kuroda’s biggest obstacle to ending deflation may be beyond his control, judging by the lowest premium in two decades on developed-nation debt over Japanese bonds.
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Japanese 10-year bonds declined by the most in almost a week after the Topix Index of stocks extended a 4 1/2-year high, curbing demand for the relative safety of government debt.
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Japan’s three biggest banks led by Sumitomo Mitsui Financial Group Inc. forecast earnings will decline this year as monetary easing makes loans less profitable even as borrowing picks up amid an economic recovery.
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Japanese stocks fell, with the Topix Index retreating from a 4 1/2-year high, as technical indicators signaled the market may be overheating and Mitsubishi UFJ Financial Group Inc. led banks lower on earnings.
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Asian stocks fell, with the regional gauge retreating from a five-year high, as a drop in Japanese banks after forecasting lower earnings offset a report that Japan’s economy expanded faster than analysts estimated.
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Australia’s growing economy will put a floor under the nation’s currency, sparking a rebound from its steepest decline in a year, trading patterns suggest.
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