"… the market is choosing to see things are worse than expected about Spain, causing a sell-off"
- Akihiro Tsunoda, a senior investment manager at Sompo Japan Nipponkoa Asset Management Co.
Japanese stocks lost ground on Tuesday after yields on Spanish bonds spiked.
The Nikkei 225 Stock Average erased 1.02 per cent, or 88.18 points, to 8,536.72. The broader Topix Index declined 0.78 per cent, or 5.70, to 724.37.
"Today, the market is choosing to see things are worse than expected about Spain, causing a sell-off," said Akihiro Tsunoda, a senior investment manager at Sompo Japan Nipponkoa Asset Management Co.
"Officials are saying the same things about Spain, but it's just that the market's view is changing. This is an issue about market sentiment rather than a political one."
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