Japan shares fall after yen gains

Japanese shares fell for a second day, with the Topix (TPX) index closing at the lowest level in seven weeks, after the yen gained amid demand for haven assets as the International Monetary Fund cut its outlook for global growth. Inpex Corp. declined 2.5 per cent, leading a gauge of commodity producers to the steepest retreat among 33 industry groups on the Topix. Toyota Motor Corp., which gets three-quarters of its car sales outside Japan, sank 1.8 per cent. Toho Co. surged 4 per cent after the movie distributor raised its profit forecast. The Topix index lost 1.2 per cent to 1,274.85 at the close of trading in Tokyo, its lowest level since Aug. 18. The gauge has dropped 5.3 per cent from a six-year high reached last month. The Nikkei 225 Stock Average declined 1.2 per cent to 15,595.98 today. The yen traded at 108.41 per dollar after rising 0.7 per cent yesterday, according to businessweek.com