TOKYO: Japanese stocks swung between gains and losses, with the Topix index trading near a seven-year high, as increases by train companies countered declines by oil explorers.
Central Japan Railway Co. added 2.1 percent to be the biggest support on the Topix. Nintendo Co. gained 1.5 percent, the biggest support to the Topix Other Products Index, after the video-game console maker briefed analysts. Oil explorer Inpex Corp. sank 2.2 percent. Lixil Group Corp. dropped 0.8 percent after the maker of windows and other housing equipment announced a 120 billion yen ($1 billion) convertible bond sale. F@N Communications Inc. tumbled 13 percent after the Internet marketing company reported a slowdown in monthly sales.
The Topix climbed 0.2 percent to 1,463 as of 12:48 p.m. in Tokyo, having swinging from a loss of 0.4 percent. It closed yesterday at the highest level since December 2007. The Nikkei 225 Stock Average was little changed at 18,002.93. The yen traded at 118.48 per dollar and 134.55 per euro after European talks on Greece’s debt crisis ended in acrimony.
“People have hopes that there’s a safety net for Greece and it won’t default,” said Naoki Fujiwara, Tokyo-based chief fund manager at Shinkin Asset Management Co., which oversees about $6 billion. “They’ll compromise someway. So there’s buying on dips.”
Talks between euro zone finance ministers broke down in Brussels as Greek officials lashed out at demands that they stick to the previous government’s austerity program to retain financial support. Failure to strike a deal by Feb. 28, when the current aid expires, risks putting Greece’s euro membership in jeopardy.
