TOKYO: Japanese stocks swung between gains and losses as investors watch earnings results from more than 110 companies on the Topix index reporting Wednesday.
Toyota Motor Corp. slumped 2.6 percent after the carmaker reported operating profit that missed estimates. Fast Retailing Co. dropped 3.5 percent as the retailer reported a slide in sales at its Uniqlo stores. Daikin Industries Ltd added 4 percent after the Nikkei newspaper said the air-conditioner maker will post a 10 percent increase in operating profit. Terumo Corp. surged 9.3 percent after saying profit jumped and it’ll buy back shares.
The Topix lost 0.2 percent to 1,656.46 as of 9:23 a.m. in Tokyo, swinging from a gain of less than 0.1 percent, as five stocks fell for every three that rose. The Nikkei 225 Stock Average declined 0.2 percent to 20,477.84. The yen traded at 124.34 per dollar after weakening 0.3 percent on Tuesday
“The focus on individual stock moves will persist,” Hiroichi Nishi, a manager at SMBC Nikko Securities Inc. in Tokyo, said by phone. “U.S. market performance is often lackluster in August, September, so we’ll continue to look at individual earnings while being aware of the market environment overall.”
Of the companies in the Topix that have reported quarterly results this season and for which estimates are available, 62 percent exceeded profit expectations, an improvement from the 48 percent that beat forecasts in the previous quarter, according to data compiled by Bloomberg.