TOKYO: Japanese stocks fluctuated, with the Topix index headed for a weekly loss, as investors await a weekend referendum in Greece and after jobs data signaled a more moderate pace of growth in the U.S. economy.
Fast Retailing Co. sank 4 percent after saying sales at its Uniqlo brand stores fell in June. Furukawa Electric Co. slumped 4.6 percent after Morgan Stanley reduced its rating on the cable maker. Sumitomo Mitsui Financial Group Inc. added 2.2 percent after a report the lender will set a target for reducing cross-held shares. FamilyMart Co. gained 2.5 percent after the retailer reported operating profit that beat analyst estimates.
The Topix slipped 0.1 percent to 1,647.31 as of 12:37 p.m. in Tokyo, swinging from a gain of 0.2 percent. The measure is headed for a 1.2 percent decline this week. The Nikkei 225 Stock Average lost 0.3 percent to 20,458.25, on course for a 1.2 percent weekly drop.
The U.S. jobs data isn’t “a reason for the Federal Reserve to hurry into raising interest rates,” Nobuhiko Kuramochi, head of investment information at Mizuho Securities Co. said by phone. “Polls on the Greek vote show that the results are in the balance. It’s difficult for investors to move on Japanese stocks with major events ahead of us.”
Global equities are headed for the first weekly drop in a month after Greece roiled financial markets by calling a plebiscite on austerity demands, in turn missing a debt payment to the International Monetary Fund. U.S. payrolls data indicated the economy is improving slowly, with more jobs being created while wages stagnate.
