TOKYO: Japan’s Topix index swung between gains and losses on the final day of the fiscal year, with the measure poised for the steepest quarterly rally since 2013. A weaker yen boosted exporters, while rail stocks dropped.
Toyota Motor Corp., which gets about three-quarters of sales outside Japan, was the biggest boost to the Topix. Bandai Namco Holdings Inc., owner of the Pac-Man brand, jumped 3.3 percent after a report that the company will license the arcade-game character to other developers. Shimamura Co. slid 5.6 percent after the clothing retailer reported full-year earnings that missed its forecast. The Topix Land Transportation Index headed for a one-month low, declining the most among the broader measure’s industry groups.
The Topix added 0.4 percent to 1,563.72 as of 12:52 p.m. in Tokyo after falling as much as 0.2 percent. The measure is heading for an 11 percent quarterly gain, the most in two years. The measure jumped as much as 1.4 percent in the first half hour of trading Tuesday, before paring gains. Today is the final day of the financial year for most Japanese companies, with the earnings reporting season running from late April through the middle of May.
