TOKYO: Japan’s Topix index closed little changed after fluctuating throughout the day ahead of policy meetings by the Federal Reserve and Bank of Japan and as more than 300 domestic companies post earnings this week.
Sony Corp. sank 0.3 percent, paring a drop of as much as 2.7 percent, after a Nikkei newspaper report that the company’s operating profit will reach about 300 billion yen ($2.5 billion), below estimates. Mazda Motor Corp. sank 2.8 percent after its operating profit projection missed expectations. NEC Corp. gained 4.9 percent as computer maker’s preliminary profit topped its forecast. Mitsubishi Chemical Holdings Corp. jumped 3.9 percent on a report the company will beat its net income forecast.
The Topix index was little changed at 1,619.07 at the close of trading in Tokyo after rising as much as 0.2 percent and falling 0.4 percent. The Nikkei 225 Stock Average slipped 0.2 percent to 19,983.32. The yen traded at 118.98 per dollar after strengthening for two days.
“No one’s going to be aggressively buying stocks,” said Tomomi Yamashita, who helps oversee the equivalent of $6.3 billion at Shinkin Asset Management Co. in Tokyo. “We have a lot of monetary policy decisions this week, and there’s concern the currency could swing around.”
