Japan Stocks Fall a Fifth Day on Canon Target, MUFG Share Plan

By Masaki Kondo

Oct. 28 (Bloomberg) -- Japan stocks fell for a fifth day after Canon Inc. forecast an earnings drop and Mitsubishi UFJ Financial Group Inc. said it would sell shares to boost capital.

Canon Inc., the world's biggest digital-camera maker, slipped 4 percent after predicting its first profit drop in nine years. Mitsubishi UFJ, Japan's biggest listed bank, tumbled 9.3 percent on its plan to sell as much as 990 billion yen ($10.7 billion) in stock. Nippon Steel Corp. gained 5.5 percent, while smaller rival JFE Holdings Inc. added 5.3 percent.

The Nikkei 225 Stock Average dropped 76.67, or 1.1 percent, to 7,086.23 as of 9:27 a.m. in Tokyo after rising as much as 1.4 percent. The broader Topix index fell 14.22, or 1.9 percent, to 732.24.

To contact the reporter for this story: Masaki Kondo in Tokyo at mkondo3@bloomberg.net.