TOKYO: Japan’s Topix index fell, capping its biggest weekly drop in more than four months, after Bank of Japan Governor Haruhiko Kuroda said no further easing of monetary policy is needed at this time.
Mitsui OSK Lines Ltd. and Sony Corp. slipped after their profit forecasts missed estimates. Fujitsu Ltd. posted a record drop after its net-income target disappointed analysts. Toilet maker Toto Ltd. added 7.9 percent to lead gains on the Nikkei 225 Stock Average after boosting its dividends.
The Topix dropped 0.5 percent to 1,585.61 at the close in Tokyo, capping a 2.1 percent loss this week. The measure advanced 3.2 percent in April for its fourth straight monthly increase. The Nikkei 225 climbed less than 0.1 percent to 19,531.63, erasing earlier declines and paring this week’s drop to 2.4 percent.
“There was concern about the recent strength in stock prices,” said Akio Yoshino, chief economist in Tokyo at Amundi Japan Ltd., which oversees about 3.74 trillion yen ($31.28 billion). “A lot of company forecasts aren’t as strong as expected, so there’s profit taking going on, too. Also a lot of investors had hopes for additional easing from the BOJ.”
