TOKYO: Japanese shares swung between gains and losses, after rallying the past 10 days, as agricultural stocks advanced while brokerages declined.
Sakata Seed Corp. gained 4.1 percent to lead an advance on the Topix Fishery, Agriculture & Forestry index. Yahoo Japan Corp. jumped 8.2 percent after saying it’ll form an e-commerce alliance with Alibaba Group Holdings Ltd. Kawasaki Heavy Industries Ltd. slumped 2.1 after SMBC Nikko Securities Inc. cut its rating on the shipper.
The Topix index rose 0.2 percent to 1,675.24 as of 12:38 p.m. in Tokyo, after falling as much as 0.2 percent. The gauge is heading for a 1.6 percent gain this week. The Nikkei 225 Stock Average climbed 0.2 percent to 20,586.80 after adding 5 percent the past 10 days in the longest rally since 1988. The yen climbed 0.2 percent to 123.66 per dollar after trading at a 12-year low yesterday.
“The wind behind the weaker yen’s sails has subsided a little,” said Juichi Wako, a senior strategist at Nomura Holdings Inc. in Tokyo. “The only reason for Japanese stocks to fall is that they’ve kept on rising so far. Overbuying and the fact that we’re facing the weekend are the main factors.”
The yen climbed after Finance Minister Taro Aso said the currency’s drop in recent days was “rough,” and the government will continue to monitor its movements. Economy Minister Akira Amari said the yen has not reached levels considered excessively weak.
