TOKYO: Japanese stocks slipped, paring the Topix index’s second straight monthly gain, as insurers, shippers and energy explorers led declines.
The Topix index fell 0.9 percent to 1,580.15 as of 12:37 p.m. in Tokyo, with about five shares declining for every three that rose. The measure is on course for a 1.4 percent advance in November following its biggest increase in 2 1/2 years in October. The Nikkei 225 Stock Average slipped 0.8 percent to 19,724.65.
“It’s not that there’s any particularly bad reason to sell stocks, but U.S. shares fell last Friday and Japan’s industrial production numbers missed estimates, so investors are taking profit,” said Soichiro Monji, chief strategist at Tokyo-based Daiwa SB Investments Ltd., which oversees the equivalent of $48.4 billion. “The direction is down, but it’s likely people are going to sell a bit, then buy some back during the day.”
Data on Monday showed Japan’s industrial production rose 1.4 percent in October from a month earlier, missing economists forecasts for a 1.8 percent gain.
Parcel delivery company Yamato Holdings Co. tumbled 4 percent to lead declines on the Nikkei 225. Daito Trust Construction Co. gained 0.8 percent after Daiwa Securities Group Inc. raised its investment rating on the real-estate company. Electronic-component maker Ryosan Co. added 6.1 percent after saying it will buy back as much as 4.2 percent of its shares.
