Japan’s Topix Falls as Yen Holds Gains Amid Crimea Vote

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Japan’s Topix index fell, with the gauge extending its biggest weekly loss since June, as the yen held gains after Crimea voted to rejoin Russia in a referendum disputed by western nations.

Komatsu Ltd., a construction-machinery maker that gets about 80 percent of its revenue abroad, slid 2.2 percent. Nikon Corp. dropped 3.4 percent after a Chinese state-run television show claimed there were defects with one of the company’s cameras. Aeon Co. dropped 5.4 percent after the supermarket operator’s net income missed estimates. Softbank Corp., which holds a 37 percent stake in Alibaba Group Holding Ltd., surged 5.9 percent after China’s biggest e-commerce company started the process to list shares in the U.S.

The Topix (TPX) slid 0.4 percent to 1,160.28 as of 9:33 a.m. in Tokyo, with all but two of the 33 industry groups retreating. The measure slumped 5.8 percent last week, the most since the period ended June 7. The Nikkei 225 Stock Average rose less than 0.1 percent to 14,332.66. The yen was little changed against the dollar after rising 1.9 percent last week for its biggest advance since January.

More than 95 percent of voters backed leaving Ukraine to join Russia in the referendum, preliminary results show. The Ukrainian government, the EU and the U.S. consider the vote illegal, while Russia said it “fully met international norms.” Turnout was 82.7 percent, according the election commission.

Possible Sanctions

“The results of Crimea’s referendum were as expected, but it may prompt Europe and the U.S. to start economic sanctions against Russia,” said Nobuhiko Kuramochi, the Tokyo-based head of investment information at Mizuho Securities Co. “Investors will sit on the fence to see how the Ukraine situation pans out.”

Futures on the Standard & Poor’s 500 Index dropped 0.1 percent today. The equity measure lost 0.3 percent on March 14.

The Topix traded at 1.14 times book value as of March 14, compared with 2.57 for the S&P 500 and 1.83 for the Stoxx Europe 600 Index.