TOKYO: Japanese stocks fell after the Topix index posted its biggest weekly advance in seven weeks. Insurers led losses, while commodity companies gained.
T&D Holdings Inc. slipped 4 percent, leading a retreat among insurers. Taisho Pharmaceutical Holdings Co. retreated 1.5 percent as Barclays Plc advised selling shares of the drugmaker. Inpex Corp. led gains among oil companies, rising 1.7 percent. Nippon Electric Glass Co. surged 16 percent for the biggest gain on the Topix after profit topped forecasts.
The Topix slid 0.3 percent to 1,584.78 as of 12:37 p.m. in Tokyo, reversing a 0.2 percent gain. The gauge climbed 13 percent this year through last week. The Nikkei 225 Stock Average was little changed at 19,899.74, having briefly traded above 20,000 on Friday for the first time in 15 years.
“I expect the Nikkei 225 to fluctuate around the 20,000 level this week,” said Yasuyuki Suda, Tokyo-based general manager at Mito Securities Co. “We have U.S. first-quarter earnings coming out this week, but if profits look negative there’s a possibility Japanese stocks will be dragged down.”
