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Obstacles are piling up in Japan, everything from political scandal to a rising yen. Foreign investors are fleeing and now Goldman Sachs Group Inc. says its forecasts for stocks were too high.

The brokerage lowered its three-month target for the Topix gauge by 5.6 percent to 1,700, implying a slight decline from its current level. Goldman also reduced its six-month and 12-month targets 2.7 percent and 2.5 percent, respectively, to 1,800 and 1,950. The index closed at 1,817.56 points last year.

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