TOKYO: Japan’s Topix index rose, after closing little changed for two days, as companies from Terumo Corp. to Kajima Corp. reported gains in earnings.
Medical device maker Terumo surged 13 percent after saying profit jumped and it will buy back shares. Construction company Kajima added 8.3 percent after reporting net income more than doubled. Daikin Industries Ltd added 5.7 percent after the Nikkei newspaper said the air-conditioner maker will post a 10 percent increase in operating profit. Fast Retailing Co. dropped 4.6 percent as the retailer reported a slide in sales at its Uniqlo stores.
The Topix jumped 0.8 percent to 1,672.68 as of 12:39 p.m. in Tokyo, after earlier falling as much as 0.3 percent. Twice as many stocks rose as fell. The Nikkei 225 Stock Average climbed 0.7 percent to 20,669.53. The yen traded at 124.43 per dollar after weakening 0.3 percent on Tuesday
“The focus on individual stock moves will persist,” Hiroichi Nishi, a manager at SMBC Nikko Securities Inc. in Tokyo, said by phone. “The domestic environment is good overall. The economy is on its way to a recovery, and corporate earnings are generally doing well. In terms of demand, individual investors are looking to buy on dips.”
