TOKYO: Japan’s Topix index headed for its longest weekly winning streak in two years. Shippers gained while Nintendo Co. was the biggest drag on the broader gauge, falling after its shares surged by more than a third in two days.
Nippon Yusen K.K., Japan’s biggest shipper, added 1.3 percent after the price of shipping commodities rose the most in two months. Yahoo Japan Corp. jumped 6.3 percent as it boosted its dividend. Nintendo Co. sank 6.7 percent after surging 36 percent in the past two days. The Topix Banks Index lost 0.4 percent, the largest contributor to losses among 33 industry groups.
The Topix is headed for a 0.9 percent gain this week, its ninth straight increase and best winning streak since February 2013. The measure fell 0.1 percent as of 12:45 p.m. in Tokyo, swinging from a gain of 0.1 percent, with about as many shares rising as falling. The Nikkei 225 Stock Average added 0.1 percent to 19,486.42. The yen traded at 120.75 per dollar after falling 0.6 percent yesterday.
“While shares look overbought, because of domestic buying from pension funds and the central bank, it’s hard to beat the market by selling shares,” said Naoki Fujiwara, Tokyo-based chief fund manager at Shinkin Asset Management Co., which oversees about $6 billion. “We’re still trying to understand what the FOMC meeting means. It’s still hard to read.”
