TOKYO: Japanese stocks swung between gains and losses as investors weighed the impact of Greece missing a debt payment to the IMF, while the Bank of Japan’s Tankan survey showed confidence is growing among the large manufacturers.
Brokerages led gains, while energy utilities retreated. Cosmetics maker Shiseido Co. soared 7.3 percent after saying it will sell a subsidiary. Convenience-store operator Lawson Inc. jumped 2.4 percent on a report its quarterly profit is expected to rise. Suzuki Motor Corp. slumped 3.4 percent, reversing Tuesday’s rally, after a change in management.
The Topix index climbed 0.3 percent to 1,634.57 as of 12:40 p.m. in Tokyo, swinging from a loss of 0.2 percent. The Nikkei 225 Stock Average added 0.3 percent to 20,293.16. The yen strengthened 0.1 percent to 136.40 per euro after Greece became the first advanced economy to miss a payment on International Monetary Fund debt.
“The extreme wariness toward Greece does seem to be fading,” said Hiroichi Nishi, a manager at SMBC Nikko Securities Inc. in Tokyo. “But until the referendum, it’s like annoyingly having a tiny fish bone stuck in the back of your throat.”
