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"People are concerned about the Italian situation now"
- Angus Gluskie, managing director at White Funds Management
Japanese stocks declined on Tuesday amid uncertainty over the situation in Italy and after Olympus Corporation said it paid inflated fees to advisers to hide losses. The Nikkei 225 lost 1.27%, or 111.58 points, to 8,655.51, while the broader Topix decreased 1.66%, or 12.42 points, to 738.03.
"Institutional investors will stay away from Japan's market until they confirm this is an isolated case," said Koichi Kurose, chief economist in Tokyo at Resona Bank Ltd. "Some individual investors probably think that if there's one cockroach, there may be 10 more."
"People are concerned about the Italian situation now," said Angus Gluskie, managing director at White Funds Management in Sydney. "We need to see some kind of resolution and improvement there before investors get really comfortable."