"The market is in a correction phase amid worries it has risen too much"
- Naoki Fujiwara, fund manager at Shinkin Asset Management Co.
Japanese stocks fell for a second day after a report showed orders for U.S. durable goods rose less than economists forecast. The Nikkei 225 erased 0.67%, or 67.78, to 10,114.79. The broader Topix fell 0.77%, or 6.69, to 857.74.
"U.S. data is pouring cold water on the rally," said Naoki Fujiwara, fund manager at Shinkin Asset Management Co. in Tokyo. "The market is in a correction phase amid worries it has risen too much."
"With all the good news being factored in, we are coming to a tougher period and markets are vulnerable to any bad news," said Shane Oliver, Sydney-based head of investment strategy at AMP Capital Investors Ltd.
"We are starting to see data come out on the softer side of what's expected. On its own, the durable goods data is still consistent with the economic growth in the U.S."
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