- Koji Toda, chief fund manager at Resona Bank Ltd.
Japanese stocks retreated on Tuesday after borrowing costs in Spain rose above seven per cent.
The Nikkei 225 Stock Average retreated 0.75 per cent, or 65.15 points, to 8,655.87. The broader Topix Index erased 0.56 per cent, or 4.12, to 734.69.
"The market won't be optimistic unless policy makers produce a big surprise," said Koji Toda, chief fund manager at Resona Bank Ltd. in Tokyo.
"There's no reason for investors to buy, judging from the yen's level and current macro conditions."
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